General Resolution JD-6-2020 Modifying the Registration Fee for Modification of Terms and Conditions of an Issuance

Promulgated in the Official Gazette No. 29057 of June 29, 2020.

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REPUBLIC OF PANAMA BOARD OF DIRECTORS SECURITIES MARKET SUPERINTENDENCE

General Resolution SMV No. JD-6-20 Of June 23, 2020

"By which the amount of the registration fee for modification of terms and conditions of an issuance is modified"

The Board of Directors of the Securities Market Superintendence,

in exercise of its legal powers and

CONSIDERING:

That through Law 67 of September 1, 2011, the Securities Market Superintendence (hereinafter the "Superintendence") is created as an autonomous state agency, with legal personality, own assets, and administrative, budgetary, and financial independence, with exclusive competence to regulate and supervise issuers, investment companies, intermediaries, and other participants in the securities market in the Republic of Panama.

That, pursuant to what is established in Article 121 of Law 67 of September 1, 2011, the National Assembly issued the Single Text of the Securities Market Law, which comprises Decree-Law 1 of July 8, 1999, and Title II of Law 67 of September 1, 2011 (hereinafter "Single Text").

That through Law 66 of December 9, 2016, the Single Text was reformed and, among other things, the amounts of the registration and supervision fees contained in the Single Text were modified.

That item 10 of Article 10 of the Single Text establishes that it is an attribute of the Board of Directors to "Evaluate, review, and modify the amounts of the registration and supervision fees, maintaining a strict relationship with the costs that the Superintendence must incur to fulfill its functions in a rational and efficient manner."

That Article 27 of the Single Text sets forth the criteria for determining the fees, which states they "must maintain a strict relationship with the costs that the Superintendence must incur to fulfill its functions in a rational and efficient manner in accordance with its budget."

That from Articles 19 and 20 of the Single Text it is derived that the Board of Directors may issue resolutions of general application, which must be published in the Official Gazette and will enter into force from their promulgation, unless the Board of Directors establishes another date.

That the Board of Directors has determined, by virtue of its legal powers and after the evaluation and review of the registration fee for modification of terms and conditions of an issuance, that it corresponds to adjust the amount thereof, in attention to the costs that the Superintendence must incur to attend to these requests, in accordance with what is provided in item 10 of Article 10 and Article 27 of the Single Text.

That, pursuant to the foregoing, the Board of Directors of the Securities Market Superintendence, in exercise of its legal powers,

RESOLVES:

ARTICLE ONE: MODIFY the amount of the registration fee detailed below:

Article 1. Registration Fees. Persons who request the following registrations or licenses from the Superintendence will be subject to the payment of the following fees:

1. Modification of terms and conditions of an issuance, ten thousand balboas (B/. 10,000.00).

Promulgated in the Official Gazette No. 29057 of June 29, 2020. 2

ARTICLE TWO: CLARIFY that the other registration fees remain in accordance with what is established in the Single Text of the Securities Market Law, as modified by Law 66 of December 9, 2016.

ARTICLE THREE: VALIDITY. This general resolution will enter into force from its promulgation in the Official Gazette.

LEGAL BASIS: Articles 10 (item 10), 19, 20, 27, and concordant articles of the Single Text of the Securities Market Law. Law 66 of December 9, 2016.

LET IT BE COMMUNICATED, PUBLISHED, AND COMPLIED WITH,

(fdo.) (fdo.) Eduardo Lee Luis Chalhoub President of the Board of Directors Secretary of the Board of Directors.