Emerging Business Models & Alliances: What now and next in ACSDA’s CSDs Iván Díaz G. General Manager & CEO Central Latinoamericana de Valores, S.A. Hamilton, Bermuda 23 de marzo de 2011

Agenda  Overview of the Panamanian Economy  Active government participation in the market  CSD’s of the region & CSD links  Status of the CSD’s projects in the region

Look at the Panamanian Economy

The panamanian economy grew 7.5% in 2010, demonstrating its ability to recover quickly following the global financial turmoil in Growth is widespread across the economic sectors with transportation and communications leading the way. Strong economic performance appears sustainable in the context of price stability, with inflation registering at 3.5% in Growth prospects are estimated around 7% for the next five years; with Panama fast on track reaching its development goals.* Panama achieved investment grade in Free flow of capital and a market that has competitive tax advantages. Completely dollarized economy since 1904, and strong foreign direct investment, reaching 9% of GDP in Canal expansion is fully on track and with the original budget estimates. Expansion is scheduled to be completed by 2014, among other projects of great impact on the economy. FMI* Panamanian Economy: Highligths

Major Infrastructure Projects

Panamanian Government: Moving the Market

CSD’s in the Region: generating added value to the market

CSD’s in Central America: Highlights

Latin Clear: CSD’s Links LATINCLEAR

Status of Projects in the Region

AMERCA (Alliance of Central American Markets): In the year 2008, the stock exchanges of El Salvador, Costa Rica and Panama signed a MOU, in order to agree on the conditions, reach and bases of an alliance called “Amerca”. The main objective of this alliance is to develop a unique securities market model underpinned by a common negotiating transactions that allows the creation of a wide regional securities market. Overall Project Reach: Negotiation of all securities offered in the markets of the Alliance, starting with debt and equity. Remote Member : is any securities broker/dealer that is duly authorized by the local regulator, to operate on any of the Alliance member’s stock exchange. Access for the participants of the Alliance’s country members to the shared trading platform. Distribution of the information generated on transactions corresponding to each market, through the shared trading platform. The custody, clearing and settlement services will be implemented by the CSD’s of each country member of the alliance. AMERCA Project:

AMERCA Project: Relevant Figures

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