P R O F I L E. During the last three years, we have been recognized as:



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Pardini & Associates is an international law firm with headquarters in Panama with 32 years of tradition and experience advising foreign clients and corporations of all sizes. The firm has offices in Panama, Ukraine, Latvia, Switzerland, Belize, BVI and Seychelles. The firm was founded in 1982 in Panama with an original practice in Corporate law, Commercial law, Trust law, Admiralty law, and Maritime law, which still continues today. Since then, Pardini & Associates has been at the forefront of many innovative legal developments and during the past ten years, the law firm has developed a highly specialized practice in Foreign Investments in Panama mainly in areas such as: Tourism, Real Estate, Energy, Telecommunications, Insurance and Reinsurance, Mining, Petroleum, Antitrust, Competition, Intellectual Property, Banking, Securities, Manufacturing, Aviation, Construction, Government Contracts, Litigation in Panama and abroad. Our firm has a strong expertise in Labor and Immigration matters. P R O F I L E During the last years, Pardini & Associates acted and assisted clients in different and important projects such as container port acquisition, electricity generation, mining joint venture, merger of airlines, island resort hotel & marina, real estate development, information technology, water and infrastructure projects. We also have assisted individual investors and medium size companies in matters of ranging from individual investors purchasing properties and helping those clients with their corporate, immigration and other issues, to medium size groups setting up a call center in Panama and small companies looking at contract bids with Panama Canal. Pardini & Associates is the exclusive Panama of the International Business Law Consortium (IBLC), a private association of law firms with more than 85 correspondent offices around the world. With this alliance, our firm provides an excellent tool to serve their customers effectively and efficiently anywhere in the world. During the last three years, we have been recognized as: 2014: "M&A and Corporate Law Firm of the Year and Aviation Law Firm by ACQ Global Awards; Business Law Firm of the Year by Acquisition International M&A Awards; Dispute Resolution Award by Acquisition International Dispute Resolution Awards; Aviation Law Firm 2014 by Corporate INTL Legal Awards; Law Firm of the Year Corporate and Litigation by M&A Today Global Awards. 2013: "M&A and Corporate Law Firm of the Year by ACQ Global Awards; Mining & Energy Law Firm of the Year: Panama by Acquisition International M&A Awards; Aviation Law Firm 2013 by Corporate Intl Magazine Global Award; Corporate and Litigation Law Firm of the Year in Panama by Global 100 Award 2013. 2012: "Corporate Law Firm and Litigation Law Firm of the Year by ACQ Global Awards; Mining & Energy Law Firm of the Year: Panama by Acquisition International M&A Awards; Aviation Law Firm of the Year in Panama by Corporate Intl Magazine Global Award.

Corporate Law The firm renders services covering all aspects of corporate law, including tax related issues, mergers, acquisitions, partnerships and joint ventures. The firm maintains a full department for Offshore Incorporation Services providing Panamanian, BVI and Belizean companies, among other jurisdictions. Commercial Law The firm has an extensive commercial practice related to local and international business transactions as well as drafting contracts and agreements covering all aspects of commercial activities. Foundations and Trust The firm has considerable expertise in advising and structuring Panama Foundations and corporate and individual Trusts for investment, holding or estate purposes as well as associated tax planning. P R A C T I C E S Foreign Investment Pardini & Associates has traditionally represented foreign clients of all sizes, which are investing and setting up business operations in Petroleum, Securities, Tourism, Maritime, Real Estate, Mining, Telecommunications, Information Technology, Insurance and Reinsurance, Aviation, Infrastructure, Construction and other sectors in Panama. Insurance & Reinsurance The firm has advised global insurers and reinsurers both in transactional as well as litigation matters involving commercial, banking, maritime, avia tion, construction, international bids and others. Banking & Securities The law firm has been involved in complex financial transactions for expanding local and international companies of differents areas. Between the services we offer: incorporation and establishment of Banks, Securities, Mergers and Acquisitions and Structured Financing. Petroleum The firm s petroleum law group has been at the forefront in representing oil companies and projects in Panama, such as: structuring and incorporation of Petroleum Projects in Panama; negotiation and drafting of agreements and joint ventures; drafting, filing and processing of Government Concessions for Petroleum; Free Zones operations including tanking, refining, blending and others; liaising with Government Entities such as Panama s Maritime Authority, Ministry of Commerce and others; complete legal advice of environmental issues. Maritime and Admiralty Law The firm s maritime law department has a well-established practice and expertise in all different aspects of maritime related activities such as: Arrest of Ships; P & I, Cargo & Bunker Claims; Commercial Maritime Disputes; Defense of Personal Injury & Wrongful Death Claims; Claims involving Cruise Lines, Fishing and Yacht Industries; Ship and Yacht Registrations and Ship Mortgages.

Real Estate Our real estate lawyers form an integral part of our corporate law practice, especially when it involves the acquisition and disposition of businesses that have large real estate components. They have a broad range of expertise which includes: residential, time shares and mixed-use developments; shopping center development; office buildings; hotels & resorts; joint ventures; co-ownership arrangements and syndications; land acquisition; Municipal Government requirements; zoning and subdivisions. Tourism The firm is specialized in Panama s tourism investments as Panama legal counsel for projects of all sizes. We offer a complete legal advice in structuring of corporations and joint ventures for residential or tourism investment in Panama, Bocas del Toro, Pacific and Atlantic coasts, mountains and islands, and all Panama real estate legal issues. P R A C T I C E S Infraestructure & Constructions The law firm has considerable know-how in privatizations, structuring government bids and negotiating government contracts with a record of achievements in agreements that not only have favored our clients, but are becoming of crucial importance for the country's development of new industries. Environmental We give our clients a complete advice on all requirements for environmental controls, including coordination of environmental impact studies; all required government permitting and authorizations; negotiation and drafting of contracts with environmental ramifications. International Practices Pardini & Associates has assisted several multinational corporations doing business in Central and South America in a wide range of services including corporate work and joint venture agreements. Our Latin American capabilities are enhanced by our knowledge of the system and regulations, our language and our cost efficiency. Energy We offer services, such as: complete advice structuring PPAs, Merchant Plants, Hydro and Thermo-Electric Facilities, Pipelines and related projects; drafting applications and assisting in obtaining necessary governmental approvals in connection with energy projects; negotiating contract terms and conditions of the purchase and sale of electricity and for the purchase and transportation of natural gas. Telecommunications Pardini & Associates acquired strong expertise advising multinational telecom companies in the privatization of the cellular system, and later of the state-owned telephone company. Our company offers services such as: structuring Telecom Providers, including call centers, ISPs, fiber optics ventures and others; structuring of Technology Parks under special legislation; Governmental permits and licenses, and all related corporate, contract, tax, labor and immigration work.

Litigation Our litigation group cover most areas of practice, such as trademarks, aviation, banking, admiralty, insurance and general civil and commercial lawsuits. We will provide advice on: commercial, admiralty, labor and civil litigation; alternative dispute resolution; arbitration and mediation; jurisdiction and conflict of laws; enforcement of foreign judgments. Antitrust, Competition and Trade The firm has developed one of the best practices in the area of antitrust and competition in Panama, having participated in several mayor M&As, claims and investigations. Our company can offer a complete advice on applicability and enforcement of the law and its regulations; consultations before the competition commission; administrative and judicial proceedings; complete assistance on Consumer Protection requirements for manufacturers and service providers. Aviation Law Pardini & Associates has developed a strong practice advising mainly reinsurers and aviation companies in establishing their operations in Panama. We offer: full legal services to Airlines operating in and from Panama, Commercial Transactions, Competition and Antitrust matters, Defense of Personal Injury & Wrongful Death Claims, Aircraft Registrations, Aircraft Financing and Litigation Mining The law firm has been at the forefront in promoting and representing mining investments in Panama. Our Natural Resources group covers all related areas in Structuring and Incorporation of Mining Companies, Negotiation and Drafting of all kinds of Agreements and Joint Ventures, Liaising with Government Entities such as Panama'sMineral Resources Agency, Ministry of Commerce and others. P R A C T I C E S Labor & Immigration Law The firm s practice in labor law involves legal consultation as well as litigation and collective bargaining. The firm has considerable experience in this highly-specialized legal area, which includes the specifics of construction and maritime labor law, as well as a general practice in all labor relations. The firm provides full immigration services, mainly to our foreign investment clients. We usually take care of all visas and work permits for our client s expatriate personnel. We also support giving a complete advice in structuring labor relations; employment contracts and collective bargaining agreements; legal counseling on union-management relations; processing and obtaining different types of Visas as well as temporary and permanent residence Permits for Expats; work permits for foreigners; complete assistance on immigration requirements; labor claims & litigation.

T E A M - L A W Y E R S Juan Francisco Pardini Born Panama, Republic of Panama, December 1, 1954; admitted to the bar, 1977, Panama. Education: University of Panama (Licenciate in Law and Political Sciences, 1977); Tulane University (LL.M., 1978); Universtity of Madrid (1980). Member: Panama, International and American Bar Associations; Panama Canada Chamber of Commerce (President 2005-Present), American Chamber of Commerce of Panama (President 1995-1996); US/Panama Business Council (Board of Directors); Japan-Panama Friendship Association (Board of Directors); Panama Council for Investment & Development (President 1995-2004). Other: Ambassador of Panama for Trade Matters. Juan Raul Sevillano Born in Panama, Republic of Panama, December 24th 1986. Admitted to the bar, 2009 by the Supreme Court of Justice, Panama, and Republic of Panama. Education: Intitute Celestin Freinete (ICF), Bachelor Degree in Science; University Latina of Panama (Lawyer in Law and Political Sciences, 2009); Master Degree University of Panama (2001) in Procedural Law; Postgraduate University Latina of Panama (2012) in Constitutional Procedure. Member: Panama Bar Association. Juan Jose Espino Sagel Born Panama, Republic of Panama, January 12, 1963; admited to the bar, 1986, Panama. Education: University of Panama (Licenciate in Law and Political Sciences, 1986); Magdalen College (University of Oxford. 1987); University of San Diego (1987-1988); Queen Mary College (University of London, 1988-1989); Pacific Admiralty, San Francisco (USA), 1992-2000; Lloyd s Practical Maritime Studies, London, 1993, Beaumont Garnault International Aviation Conference, London1994-2000; Joint Venture and Strategic Alliances, New York Bar, 1990; Jesus College, Offshore Institute Seminar, 1998. Member: Panama Bar Association, Panama Maritime Law Association. Eduardo Achurra Born in Panama City, Republic of Panama, October, 23rd, 1979, admitted to the bar, 2003, Panama. Education: Universidad Santa María la Antigua (Licenciate in Law and Political Sciences, 2003); Universidad Pontificia Comillas de Madrid; Instituto Marítimo Español, Maritime Law and Shipping, (LL.M 2004); Seminars at The International Maritime Organization (IMO), Lloyds Register, Clarkson Brokers, Clyde And Co, INTERCARGO-INTERTANKO, London, 2004. Member: Registered National Consultant., Panama Bar Association, AMCHAM.

Agilent Technologies Amazon.com, Inc. American Bridge Company Anglian Water International Assicurazioni Generali Bank of America Barclays Bank Beal Bank Booz-Allen & Hamilton, Inc Brown & Root, Inc Bunge & Born Canadian Imperial Bank of Commerce Charles Taylor Consulting Chevron Club Corporation of America Exxon Mobil C L I E N T S Falcon Drilling, Ltd. Fedex Global Aerospace Groupe GTM K-D Humboldt Wedag Hong Kong Trade Development Interestate Highway Construction, Inc. Istana Properties KRAFT, Inc Landmark Graphics Corporation Mitsui & Co. N.M. Rothschild & Sons Ltd. Northern Mountain Helicopters Northwest Airlines Overseas Private Investmet Corporation (OPIC) Ogden Petroleos de Venezuela, S. A. Placer Dome, Inc. Radisson Royal Hotels Societe Generale Sompo Japan Insurance, Inc. Steamship Mutual Stevedoring Services of America Sumitomo Corporation Tektronix, Inc. Teledesic Telia AB United Airlines United Technologies Walter P Moore West Coast Fishing Club World Trade Center Panama

R E F E R E N C E S US Embassy Embassy of Canada Embassy of Spain Embassy of Italy Embassy of Mexico Panama Stock Exchange Panama Chamber of Mines Council of the Americas BusinessPanama American Chamber of Commerce and Industry of Panama US-Panama Business Council Panama-Canada Chamber of Commerce Panama-Japan Friendship Association Argentina Australia Austria Barbados Belgium Bermuda Brazil Canada Chile China Cyprus Denmark England France Germany Greece India Iran Ireland Italy Japan Jordan Kuwait Latvia O F F I C E S A N D N E T W O R K We have offices strategically located in Panama, Switzerland, BVI, Ukraine, Latvia, Seychelles and Belize. Also our firm has correspondent offices in more than 50 countries worldwide: Lebanon Liechtenstein Luxembourg Malaysia MauritiusMexico Netherlands Palestine Panama Peru Philippines Poland Portugal Qatar Russia Saudi Arabia Singapore Spain Sweden Switzerland Turkey U.S Virgin Islands United Arab Emirates United States Venezuela

C O N TA C T U S For more information or advice, please contact: Juan Francisco Pardini Pardini & Associates Attorneys - at - Law Plaza 2000 Tower - 10th Floor - 50th Street Panama, Republic of Panama Phone (507) 223-7222 Fax (507) 223-7535 Email: clientservices@padela.com www.pardinilaw.com