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 2009.

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 2010.

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 2010.

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 2010.

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

Type of Instrument Amount (In MM USD)

Treasury Bills $250.0

Treasury Notes $600.0

Fix Income – ENA * $970.0

Total $1,820.0

* ENA: Empresa Nacional de Autopistas

Panamanian Government: Moving the Market

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

Detail/Country Guatemala El Salvador Nicaragua Costa Rica Panamá

CSD’s Name BNV Cedeval Cenival Ceval Latin Clear

Balances under CustodyFigures as of Dec 10

2.04 bn 5.5 bn 1,081 bm 7.8 bn 6.5 bn

% Inmob/Desmat 44% 81% 90% 79% 99.8%

Custody, Administration,

Corporate Actions Services

---

Clearing &Settlement

Stock Exchange

Stock Exchange

Settlement between

Brokerage Houses

Stock Exchange Latin Clear

Securities Lending

--- Projected ----

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:

Detail/Stock BVES BVP BNV AMERCA

No. Issuers 134 79 73 286

No. Exchange Posts 14 17 20 51

Trade Volume 2009 (MM of US$)

2,696 1,655 6,583 10,934

CCV’s Cedeval Latin Clear Ceval *

* Services of Custody, Administration, Clearing and Settlement of the Project

AMERCA Project: Relevant Figures

Thanks!!

www.latinclear.com