Astris Finance is pleased to announce the successful closing of a USD 782m non‐recourse term financing facility for the Balboa Avenue Improvement Project developed by Construtora Norberto Odebrecht. This is the second project closed in Panama by Odebrecht, following the financing of the USD 176m Panama City Historic Heritage Preservation Project in November 2011.

The USD 782 m Project is part of the USD 1.5 billion Panama City Road Network Improvement Program and was awarded to CNO pursuant to an international public bidding contest in March 2011.

The financing takes the form of a 4 year revolving receivable purchase agreement (the “Purchase Agreement”) to buy up to USD 567 million of promissory notes from the Republic of Panama known as Cuentas de Pago Parcial (“CPPs”). The CPP structure has been successfully used in the past in Panama for the financing of several projects. CPPs represent an irrevocable and unconditional payment obligation from the Republic of Panama, and are progressively delivered by the Government as construction milestones are achieved. The Purchase Agreement was arranged by Bank of Tokyo‐Mitsubishi and Sumitomo Mitsui Banking Corporation acting as MLAs, with the participation of Bank of Nova Scotia Panama as Arranger and Administrative Agent.

Astris Finance acted as Financial Advisor to CNO throughout the bidding, structuring, placement, due diligence and closing of the Facility. Astris Finance also advised CNO in the structuring of the interest rate hedging strategy, which consists of a string of forward‐starting USD zero coupon swaps. The Project is the second project of the Panama City Road Network Improvement Program to reach financial close. In November 2011, CNO closed the financing of the USD 176 million Panama City Historic Heritage Preservation Project, also with Astris’s advisory assistance.

The Astris Finance team was led by Director Juan Francisco Toro, who said, “We are delighted to close such an important and large financing in Panama. There are a number of unique aspects to this financing, including fully mitigating construction risk through the CPP structure. The ability to close such a sizeable financing in the current market environment speaks to the determination and hard work of all parties involved.”