Morgan & Morgan Legal advised Mercantil Holding Financiero Internacional, S.A. in the registration of corporate bonds for an amount of up to US$100 million.

Panama, August 1, 2022. Morgan & Morgan Legal advised Mercantil Holding Financiero Internacional, S.A. (the “Issuer”), an affiliate of Grupo Mercantil and the indirect holder of leading enterprises in the banking and insurance business in Panama and other countries, in the registration of corporate bonds for an aggregate of US$100,000,000 with the Superintendency of Capital

Morgan & Morgan Legal advised Mercantil Servicios Financieros Internacional, S.A. in the issuance of Class “A” and Class “B” common shares for an amount of up to US$30 million.

Panama, July 31, 2022. Morgan & Morgan Legal advised MERCANTIL SERVICIOS FINANCIEROS INTERNACIONAL, S.A. (the “Issuer”), the holding company of Mercantil Group and the indirect holder of leading enterprises in the banking and insurance business in Panama and other countries, in the issuance of Class “A” and Class “B” Common Shares for a total of

Morgan & Morgan Legal advised Supermercados Xtra, S.A. in connection with the registration of common shares for an amount of up to US$45.5 million.

Panama, July 4, 2022. Morgan & Morgan Legal advised Supermercados Xtra, S.A., one of the leading supermarket chains in Panama (the “Issuer”), and its shareholders in the registration of its 12,500,000 common shares (the “Common Shares”) with the Superintendency of Capital Markets of Panama for their negotiation in a secondary market transaction through the Latinamerican

Morgan & Morgan Legal advised Mercantil Holding Financiero Internacional, S.A. (MHFI) in the execution of a promissory share purchase agreement for the acquisition of the majority stake in Capital Bank, Inc.

Panama, June 30, 2022. Morgan & Morgan Legal advised Mercantil Holding Financiero Internacional, S.A. (MHFI), a subsidiary of Grupo Mercantil, in relation to the execution of the Promissory Share Purchase Agreement (the “SPA”) dated June 29, 2022, by and among the shareholders of Capital Bank, Inc. (“Capital Bank”) as sellers (the “Sellers”), and MHFI, as a

Morgan & Morgan Legal advised Mercantil Servicios Financieros Internacional, S.A. in the private issuance of corporate bonds for an amount of up to US$10 million.

Panama, June 2, 2022. Morgan & Morgan Legal advised MERCANTIL SERVICIOS FINANCIEROS INTERNACIONAL, S.A. (the “Issuer”), the holding company of Grupo Mercantil and the indirect holder of leading enterprises in the banking and insurance business in Panama and other countries, in the private issuance of corporate bonds in the amount of US$10,000,000.00 (the “Private Bonds”),

Morgan & Morgan Legal advised Mercantil Servicios Financieros Internacional, S.A. in the private issuance of cumulative preferred shares for an amount of up to US$30 million.

Panama, June 1, 2022. Morgan & Morgan Legal advised MERCANTIL SERVICIOS FINANCIEROS INTERNACIONAL, S.A. (the “Issuer”), the holding company of Grupo Mercantil and the indirect holder of leading enterprises in the banking and insurance business in Panama and other countries, in the private issuance of cumulative preferred shares for a total of US$30,000,000.00 (the “Preferred

Morgan & Morgan Legal advised in the reacquisition and purchase of the majority stake of Supermercados Xtra, S.A.

Panama, January 7, 2022. Morgan & Morgan Legal acted as legal counsel of Supermercados Xtra, S.A. (“XTRA”) and Grupo Harari, in the reacquisition by XTRA and the purchase by Grupo Harari of the shares owned by Souq Investments LP, equivalent to 53% of the issued and outstanding shares of XTRA, resulting in Grupo Harari becoming

Morgan & Morgan Legal advised Supermercados Xtra, S.A. in connection with the offering and issuance of corporate bonds for an amount of up to US$100 million.

Panama, January 5, 2022. Morgan & Morgan Legal advised Supermercados Xtra, S.A., one of the leading supermarket chains in Panama (the “Issuer”), in the amendment to certain terms and conditions of the Issuer’s US$250,000,000 public bond issuance registered with the Superintendency of Capital Markets of Panama in order for the Issuer to offer and issue

Morgan & Morgan Legal Banco Delta, S.A. in the registration of a non-revolving program of subordinated corporate bonds for an amount of up to US$30 million.

Panama, December 10, 2021. Morgan & Morgan Legal advised Banco Delta, S.A., a general license bank engaged in the consumer banking business in Panama (the “Issuer”), in the registration of a non-revolving program of subordinated corporate bonds to be issued in series for an amount of up to US$30,000,000 with the Superintendency of Capital Markets

Morgan & Morgan Legal advised Avianca Holdings, S.A. and its subsidiaries, in connection with its financial and corporate restructuring process, implemented to emerge from Chapter 11 proceedings in the United States of America.

Panama, December 1, 2021. Morgan & Morgan Legal acted as Panamanian counsel to Avianca Holdings, S.A. (“Avianca”) and its subsidiaries, in connection with its financial and corporate restructuring process, implemented to emerge from Chapter 11 proceedings in the United States of America, after having filed for bankruptcy protection in U.S. Courts back in May 2020.