Agreement No. 004-2020 Modifying Article 5 of Agreement No. 002-2019

REPUBLIC OF PANAMA BANKING SUPERINTENDENCE AGREEMENT No. 004-2020 (of May 7, 2020) "By which Article 5 of Agreement No. 002-2019 is modified"

THE BOARD OF DIRECTORS

In exercise of its legal powers, and

CONSIDERING

That following the issuance of Law Decree No. 2 of February 22, 2008, the Executive Branch prepared a systematic compilation in the form of a Single Text of Law Decree No. 9 of February 26, 1998, and all its modifications, which was approved through Executive Decree No. 52 of April 30, 2008, hereinafter the Banking Law;

That Article 36 of Law No. 1 of January 5, 1984 establishes that the Banking Superintendence will supervise and ensure the proper functioning of the trust business;

That in accordance with paragraphs 1 and 2 of Article 5 of the Banking Law, it is the objective of the Banking Superintendence to ensure the solidity and efficiency of the banking system, and to strengthen and foster favorable conditions for the development of the Republic of Panama as an International Financial Center;

That in accordance with Article 11, section I, paragraph 5 of the Banking Law, it is a technical attribute of this Board of Directors to fix, within the administrative scope, the interpretation and scope of legal or regulatory provisions in banking matters;

That through Agreement No. 002-2019 of April 11, 2019, Agreement No. 10-2015 on the prevention of the improper use of banking and fiduciary services was modified;

That Articles 1 and 2 of Agreement No. 002-2019 modify Articles 14 and 15 of Agreement No. 10-2015, which refer to the client profile for natural persons and the client profile for legal entities;

That through Articles 1 and 2 of Agreement No. 002-2019, banking and fiduciary entities are required to include in the client profile for natural and legal persons information regarding the tax identification number and compliance with tax obligations in the country or countries where the client, whether Panamanian or foreign, is a taxpayer;

That Article 5 of Agreement No. 002-2019 establishes an adaptation deadline until May 15, 2020, for compliance with what is established in Articles 1 and 2 of said Agreement;

That in working sessions of this Board of Directors, the need and convenience of modifying Article 5 of Agreement No. 002-2019 has been made evident.

AGREES:

ARTICLE 1. Article 5 of Agreement No. 002-2019 of April 11, 2019, is hereby amended as follows:

"ARTICLE 5. ADAPTATION DEADLINE. Banking and fiduciary entities shall have an adaptation deadline until December 31, 2020, for compliance with what is established in Articles 1 and 2 of this Agreement."

Agreement No. 004-2020 Page 2 of 2

ARTICLE 2. This Agreement shall enter into force from the date of its promulgation.

Given in the city of Panama, on the seventh (7) day of the month of May of two thousand twenty (2020).

LET IT BE COMMUNICATED, PUBLISHED, AND COMPLIED WITH.

THE PRESIDENT, THE SECRETARY, Joseph Fidanque III Nicolás Ardito Barletta