Panama Announces Reference Yields for Bond Repurchase Offer

PANAMA CITY, Panama — February 13, 2026 — Leads & Copy — The Republic of Panama has announced the Reference Yields for the Reference U.S. Treasury Securities as of 2:00 p.m. New York City time, on February 13, 2026, for its previously announced offer to purchase for cash its outstanding global bonds.

The offer pertains to the Old Bonds, and is made on the terms and subject to the conditions outlined in the Offer to Purchase, dated February 9, 2026. The Reference Yield for each series of Old Bonds was determined at 2:00 p.m., New York City time, on February 13, 2026, in accordance with the Offer Document. Based on these Reference Yields and the applicable Fixed Spread, the Tender Offer Yield and Purchase Price for each series of Old Bonds are detailed in the table below.

The Old Bonds being offered for purchase include:

• 8 7/8% U.S. Dollar-Denominated Global Bonds due 2027 (CUSIP: 698299 AD6, ISIN: US698299AD63)
• 3.875% Global Bonds due 2028 (CUSIP: 698299 BF0, ISIN: US698299BF03)
• 9.375% U.S. Dollar-Denominated Global Bonds due 2029 (CUSIP: 698299 AK0, ISIN: US698299AK07)
• 3.160% Global Bonds due 2030 (CUSIP: 698299 BK9, ISIN: US698299BK97)
• 7.500% Global Bonds due 2031 (CUSIP: 698299 BX1, ISIN: US698299BX19)
• 2.252% Global Bonds due 2032 (CUSIP: 698299 BN3, ISIN: US698299BN37)
• 3.298% Global Bonds due 2033 (CUSIP: 698299 BR4, ISIN: US698299BR41)
• 8.125% Global Bonds due 2034 (CUSIP: 698299 AT1, ISIN: US698299AT16)
• 6.400% Global Bonds due 2035 (CUSIP: 698299 BT0, ISIN: US698299BT07)
• 6.700% U.S. Dollar-Denominated Amortizing Global Bonds due 2036 (CUSIP: 698299 AW4, ISIN: US698299AW45)
• 6.875% Global Bonds due 2036 (CUSIP: 698299 BW3, ISIN: US698299BW36)
• 8.000% Global Bonds due 2038 (CUSIP: 698299 BY9, ISIN: US698299BY91)
• 4.500% Global Bonds due 2047 (CUSIP: 698299 BG8, ISIN: US698299BG85)
• 4.500% Global Bonds due 2050 (CUSIP: 698299 BH6, ISIN: US698299BH68)
• 4.30% Global Bonds due 2053 (CUSIP: 698299 BB9, ISIN: US698299BB98)
• 6.853% Global Bonds due 2054 (CUSIP: 698299 BV5, ISIN: US698299BV52)
• 4.500% Global Bonds due 2056 (CUSIP: 698299 BM5, ISIN: US698299BM53)
• 7.875% Global Bonds due 2057 (CUSIP: 698299 BZ6, ISIN: US698299BZ66)
• 3.870% Global Bonds due 2060 (CUSIP: 698299 BL7, ISIN: US698299BL70)
• 4.500% Global Bonds due 2063 (CUSIP: 698299 BS2, ISIN: US698299BS24)

The Offer is scheduled to expire at 5:00 p.m., New York City time, on Friday, February 13, 2026, unless extended. Settlement is scheduled for Monday, February 23, 2026, and is subject to the conditions in the Offer Document, including the New Bonds Financing Condition and Panama’s sole discretion. Payment of the Old Bonds’ Accrued Interest will be made from funds other than the proceeds of the New Bonds Offering.

The Offer Document is available at www.dfking.com/panama. D.F. King & Co. Inc. is the Information Agent.

BofA Securities, Inc. and J.P. Morgan Securities LLC are the Dealer Managers for the Tender Offer.

The distribution of materials relating to the Tender Offer may be restricted by law in certain jurisdictions. The Tender Offer is void in all jurisdictions where it is prohibited.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities.

The Offer to Purchase has not been and will not be registered with the Italian Securities Exchange Commission, and the Tender Offer is being carried out pursuant to applicable exemptions.

The Offer to Purchase, and any other documents or materials related to such offers have not been approved by the Mexican National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores, the “CNBV”).

The Tender Offer is not intended for any person who is not qualified as an institutional investor, in accordance with provisions set forth in Resolution SMV No. 021-2013-SMV-01 issued by Superintendency of Capital Markets (Superintendencia del Mercado de Valores) of Peru.

The Offer to Purchase has not been and will not be registered as a prospectus with the Monetary Authority of Singapore.

The Offer Document is not being distributed to the general public in the United Kingdom.

Source: D.F. King & Co. Inc.

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