Optional Redemption: | | Prior to January 23, 2060 (six months prior to the maturity date of the 2060 Global Bonds), the 2060 Global Bonds will be redeemable, in whole or in part, at any time and from time to time, at Panama’s option, on not less than 30 nor more than 60 days’ notice, at a redemption price equal to the greater of (1) 100% of the principal amount of the 2060 Global Bonds being redeemed and (2) the sum of the present values of the remaining scheduled payments of principal and interest on the 2060 Global Bonds being redeemed (excluding the portion of any such interest accrued to the redemption date) discounted to the redemption date on a semi-annual basis (assuming a360-day year consisting of twelve30-day months) at the Treasury Yield (as defined in the preliminary prospectus supplement), plus 20 basis points, plus accrued and unpaid interest and additional amounts, if any, to, but excluding, the redemption date. At any time on or after January 23, 2060 (six months prior to the maturity date of the 2060 Global Bonds), the 2060 Global Bonds will be redeemable, in whole or in part at any time and from time to time, at Panama’s option, on not less than 30 nor more than 60 days’ notice, at a redemption price equal to 100% of the principal amount of the 2060 Global Bonds to be redeemed, plus accrued and unpaid interest and additional amounts, if any, to, but excluding, the date of redemption. |