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TABLE OF CONTENTS

About Del Este Panama p. 3

Philosophy, Mission, Vision and Values p. 3

Why Choose Del Este Panama? p. 5

Asset Management p. 9

Wealth Management p. 9

Products and Services p. 10

Debt Structuring and Issuance in the Capital Market p. 11

Corporate Social Responsibility p. 12

Panama p. 13

Main Financial Information about Panama p. 14

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ABOUT DEL ESTE PANAMA

Del Este Panama Casa de Valores S.A. is an entity re-gulated and supervised by the Securities Market Super-intendence of Panama. It is authorized to operate as a securities brokerage firm by means of Resolution SMV N° 296-2014.

Our aim is to offer securities brokerage and financial ad-visory services in an ethical manner and with high orga-nizational and moral values. We have established internal and risk control policies that guarantee our clients exce-llent service, as well as the strictest compliance with the Laws of the Republic of Panama.

We have a team of specialized professionals,with more than 20 years of experience in providing in-vestment services and asset management, with recogni-zed institutional trajectory.

Our organizational structure has been conceived in order to work in accordance with a corporate governance that adjusts to the dynamism and demand of global markets; and that focuses on key strategies and objectives, in or-der to satisfy investors.

Del Este Panama Casa de Valores S.A. is part of Euro-pean WM Group, whose members are known for their analysis, research, responsibility, reliability and professio-nalism; and are the main force that drives the organiza-tion’s success and its contribution to the development of the securities market.

PHILOSOPHY, MISSION, VISION AND VALUES

Philosophy

Our main commitment to our clients, is to pro-tect their assets, and always adhering strictly to their investment profiles and timelines.

Vision

To be the reference point for our clients, with regard to managing and controlling the invest-ment of their assets, complying with the hi-ghest norms and principles, with the purpose of creating value for investors, shareholders and employees.

Mission

To achieve, through the experience and mul-tidisciplinary background of the management team, a viable company committed to mana-gement excellence, and adopting the highest standards of the global financial market.

Values

Transparency, responsibility, loyalty, honesty, quality, and individual mutual respect.

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WHY CHOOSE DEL ESTE PANAMA?

1. Del Este’s experienced management team and professionals.

The vast experience accrued over the course of more than 20 years in the securities market, a re-cognized track record and the reputation of the people who are a part of DEL ESTE, which have all been recognized in the financial sector for their analysis capabilities and responsibility, reliability and professionalism.

2. Global access through our online platform.

Quick, direct 24/365 access from anywhere in the world. You can perform several types of queries, such as a client’s global portfolio on any given date, and the evolution of the portfolio between dates, among others.

3. Complete, agile and transparent client re-porting.

Simple and complete information for queries regar-ding balances, transactions, account statements, and related documents, among others, in a quick and secure manner.

4. Security and solvency.

Our company is regulated and supervised by the Securities Market Superintendence of Panama, un-der license issued under Resolution SMV N° 296-2014; thus guaranteeing the strict compliance with international norms and standards.

Our clients’ assets are 100% fully invested in inter-national securities markets and held by world-class custodians.

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5. Flexibility and agility.

The financial market is subject to volatility, which requi-res quick execution and adaptation to change.

6. Transparency.

Our commission structure is totally clear and agreed-upon with all of our clients.

7. Excellent service.

We know how to listen to the clients and understand their needs, based on clear and direct communication, which allows us to offer excellent service, in accordan-ce with the responses required by the client.

8. Independence.

The fact that we do not depend upon an international group reinforces our autonomy, as per the Laws and Agreements of the Republic of Panama.

9. Confidentiality and discretion.

Our clients’ privacy is one of the main pillars of our company, making it our priority.

10. Risk management.

Risk policies are adopted in accordance with the client’s needs, based on its previously defined invest-ment profile.

11. Continued evaluation of the client’s financial transformation needs.

Every day, clients require more consistent and custo-mized services aimed at the protection and growth of their assets.

12. Strict compliance with money laundering prevention and KYC policy norms.

We comply with money laundering prevention norms, based on each client’s risk profile, as set forth by the Superintendence of the Securities Market.

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European WM and the subsidiaries are based in Panama and does not depend upon international groups. Our main commitment is to offer our clients global, independent, and personalized services, focused on preserving capital and long-term growth.

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European WM and the subsidiaries are based in Panama and does not depend upon international groups. Our main commitment is to offer our clients global, independent, and personalized services, focused on preserving capital and long-term growth.

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ASSET MANAGEMENT

We carry out the design and implementation of long-term financial strategies and periodical management of the investments, following the parameters and objectives previously defined by the client.

Main investments are the long-term backbone of assets, and are diversified in fi-nancial assets that are commercialized in traditional markets. Complementary in-vestments are performed in the short term in order to take advantage of specific opportunities offered by the market.

WEALTH MANAGEMENT

Del Este Panama has the best professionals in the market offering Wealth Manage-ment services so that clients may receive integral and quality services. Our asset management and capital protection services cover all aspects that ought to be con-sidered when clients invest their financial assets.

Among the complementary services we offer, we can mention estate planning, pen-sion plans, university student plans, and tax and legal planning.

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PRODUCTS AND SERVICES

The purchase and sale of financial instru-ments. These products include, among others:

• Common shares

• Preferred shares

• Corporate Bonds

• Sovereign Bonds

• Mutual Funds / Investment Funds

• ETF and Derivatives (main for hedge purposes)

• Securities offered privately

• Commodities

Investment advisory services.

Discretional management.

Individualized portfolio in accordance with the investment profile.

Intermediation, whether directly or indi-rectly on behalf of the issuer, in the pla-cement of issues and public sales offers.

Portfolio or individual investment portfolio management.

Loans for the acquisition of securities.

DEBT STRUCTURING AND ISSUANCE IN THE CAPITAL MARKET

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Debt structuring, design and issuance services, for its placement in the financial markets.

With respect to products being issued, they may be shares, preferred shares, commercial paper, and bonds, among others.

1. Due diligence

2. Financial structuring of the issue

3. Issuance conditions

4. Filing before local regulators

5. Placement in the market

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Del Este Panama is completely aware and determined to collabo-rate with different entities for the protection of juvenile and senior citizens’ rights, general community improvement projects, and environ-mental protection and other pro-jects that work toward improving the Panamanian financial market; as well as associations that actively promote job creation.

CORPORATE SOCIAL RES-PONSIBILITY

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PANAMA

The Republic of Panama is a country located between the Caribbean Sea and the Pacific Ocean, between Central and South America. Its geographic features allow it to have one of the most important communica-tion routes in the world: The Panama Canal; which has facilitated its elevated socioeconomic growth over the last century.

Main advantages of its financial sector:

- Financial, political and fiscal stability

- Solid financial system:

• One the main financial and business centers in America

• The Superintendence of the Securities Market, a prestigious supervisory entity

• High liquidity and solvency level in the system

• The Balboa is at par with the US Dollar – no currency fluctuation

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MAIN FINANCIAL INFORMATION ABOUT PANAMA

Landmass 75.517 km2

Population 4 millon

GDP Variation % (2014) 6.1 %

Unemployment rate (08/2015) 3.8 %

Inflation (2014) 2.6 %

Rating Panama

S&P BBB

Perspective STABLE

Moody’s Baa2

Perspective STABLE

Fitch BBB

Perspective STABLE

Resolution SMV Nº 296-2014

Del Este Panamá Casa de Valores S.A.

Panamá - República de Panamá

www.deleste.com.pa www.europeanwm.comeuropean@deleste.com.pa tel. +507 388 3701