Tocu171en PANA MA

Panamá 4 de mayo de 2016

Licenciada Marelissa Quintero de Stanziola Superintendente SUPERINTENDENCIA DEL MERCADO DE VALORES DE PANAMA Ciudad

(o )j99 PECIE:-l~::C: F'üF:·: tG-ThJC\r-'11)~ CGNS:

Re: Suplemento al Prospecto Informativo de la emisión de bonos corporativos del Aeropuerto Internacional de Tocumen, S.A. hasta por la suma de US$625,000,000.00 registrados para su oferta pública bajo la Resolución SMV No. 250-16 de 26 de abril de 2016.

Estimada Licenciada Quintero: Hacemos referencia al Suplemento al Prospecto Informativo de la emisión de bonos corporativos de Aeropuerto Internacional de Tocumen, S.A. hasta por la suma de US$625,000,000.00 registrados para su oferta pública bajo la Resolución SMV No. 250-16 de 26 de abril de 2016 presentado ante la Superintendencia del Mercado de Valores el día 3 de mayo de 2016 con número de consecutivo 62341 , con el propósito de aclarar que los términos del referido Suplemento al Prospecto Informativo son los términos definitivos que se refieren al prospecto informativo final de la emisión. En este sentido y según lo solicitado, nos permitimos adjuntar una versión corregida del Suplemento Informativo de la emisión, en la cual se han eliminado los términos "preliminar" y "confidencial". Sin otro particular para el momento,

ocles Rosas Gerente de Administración y Finanzas

T. (507) 238-2703 . www.tocumenpanama .aero

P. O. Box 0838-02116 Zona 12 República de Panamá .

Tocumen AEROI'UERTO

INTERNACIONAL

PANAMA

Aeropuerto Internacional de Tocumen, S.A. US$625,000,000 5.375% Senior Secured Notes due 2036 Pricing Supplement dated May 4, 2016 ("Pricing Supplement") to Offering Memorandum filed before the SMV ("Offering Memorandum") The informa/ion in this Pricing Supplement supplements the Company 's Offering Memorandum and supersedes the information in the Offering Memorandum to the extent inconsistent with the information in the Offering Memorandum. This Pricing Supplement is quali.fied in its entirety by rejerence to the Offering Memorandum. Terms used herein but not dejined herein shall have the respective meanings as set jorth in the Offering Memorandum. Issuer:

Aeropuerto Internacional de Tocumen, S.A.

Title of Security:

5.375% Senior Secured Notes due 2036

Offering Format:

Rule 144A 1 Regulation S The public offering ofthe Notes in Panama has been authorized by the Superintendencia del Mercado de Valores of Panama (the Panama Securities Market Superintendency).

Ranking:

Senior Secured Notes

Principal Amount:

US$625 ,000,000

Maturity Date:

May 11, 2036

Price to Public:

100.000%

Yield to Maturity:

5.375%

Coupon:

5.375% per annum

Interest Payment Dates:

May 11 and November 11, commencing November 11 , 2016

Principal Payment Dates:

May 11 and November 11, commencing M ay 11, 2026

Record Dates:

May 1 and November 1

Scheduled Amortization: Payment Dates May 11, 2026 November 11, 2026 May 11, 2027 November 11, 2027 May 11, 2028 November 11,2028 May 11, 2029 November 11,2029 May 11, 2030 November 11, 2030 May 11,2031 November 11,2031 May 11,2032 November 11,2032 May 11,2033 November 11,2033 May 11,2034 November 11,2034 May 11,2035 November 11, 2035 May 11,2036

Semi-Annual Amortization Amount US$14,446,3 80 US$14,858,480 US$16,546,600 US$17,018,620 US$20,422,650 US$21,005,230 US$23,956,390 US$24,639, 780 US$28,977 ,280 US$29,803,890 US$32,509,610 US$33,436,980 US$34,997 ,220 US$35,995,560 US$3 7,878,420 US$38,958,950 US$40,958,420 US$42,126,810 US$44,175,470 US$45,435,630 US$26,851,630

Weighted Average Life:

15.9 years

Optional Redemption:

Prior to the date that is twelve months prior to the maturity date, the notes will be redeemable, as a whole or in part, at the Issuer's option, at any time or from time to time ata redemption price equal to 100% ofthe principal amount ofthe notes plus a make-whole premium (calculated ata rate equal to the sum ofthe applicable Treasury Rate plus 50 basis points), together with accrued and unpaid interest thereon to the redemption date. On or after such date, the notes will be redeemable, as a whole or in part, at the lssuer's option, at any time or from time to time at a redemption price equal to 100% ofthe principal amount ofthe notes, together with accrued and unpaid interest thereon to the redemption date.

Expected Settlement Date:

May 11, 2016 (T+S)

Expected Listing:

The notes will be listed on the Bolsa de Valores de Panamá, S.A. (Panama Stock Exchange ). Application has been made t6 Iist the notes on the Official List of the Luxembourg Stock Exchange and to trade the notes on the Euro MTF Market.

Denominations:

US$200,000 1 US$1 ,000

Use ofProceeds:

The net proceeds after expenses from the sale of notes will be used for the following purposes: (i) to fund the Payment Account for the notes;

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(ii) to fund the Debt Service Reserve Account for the notes; (iii) to fund the O&M Account; and (iv) the remainder will be transferred to the Majar Maintenance and CapEx Reserve Account.

Expected Ratings*:

BBB (S&P) 1 BBB (Fitch)

CUSIPIISIN:

Rule 144A: 00787C AB8/ US00787CAB81 Regulation S: P0092A AC3 1 USP0092AAC38

Governing Law:

The Indenture, the notes and the Intercreditor Agreement will be governed bythe laws ofthe State ofNew York. The Amended and Restated Trust Agreement will be governed by the laws ofthe Republic ofPanama.

Sole Lead Manager and Strncturing Agent:

Citigroup Global Markets Inc.

*Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. The notes have not been registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or the securities laws of any jurisdiction. The notes may not be offered or sold in the United States orto U.S. persons (as defined in Regulation S) except in transactions exempt from, or not subject to, the registration requirements of the Securities Act. Accordingly, the notes are being offered only to (1) "qualified institutional buyers" as defined in Rule 144A under the Securities Act and (2) outside the United States to non-U .S. persons in compliance with Regulation S under the Securities Act. Delivery ofthe Notes will be made against payment therefor on or about May.ll, 2016, which will be the fi:fth business day following the date of pricing of the Notes (such settlement cycle being herein referred to as "T+5"). Under Rule 15c6-1 under the United States Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle in three business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Notes on a day prior to the third business day befare the date of the initial delivery of the Notes will be required, by virtue ofthe fact that the Notes initially will settle T+5, to specify an altemate settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers of Notes who wish to trade Notes during the period described above should consult their own adviser.

ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT APPLICABLE TO TIDS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT OF TIDS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM. THE NOTES WILL BE OFFERED FOR SALE BY THE ISSUER AND PURCHASED BY THE INITIAL PURCHASER (AND ANY OTHER PURCHASERS PURSUANT TO THE PANAMA STOCK EXCHANGE BIDDING PROCESS DESCRIBED HEREIN) ON THE P ANAMA STOCK EXCHANGE. THE SETTLEMENT WILL TAKE PLACE FIVE BUSINESS DAYS AFTER THE TRADE DATE. HOWEVER, THE SETTLEMENT AND CONSUMMATION OF THE SALE AND PURCHASE OF THE NOTES ON THE SETTLEMENT DATE WILL BE CONDITIONED UPON THE INITIAL PURCHASER'S SATISFACTION ON THE SETTLEMENT DATE THAT ALL CONDITIONS PRECEDENT SET FORTH IN THE PURCHASE AGREEMENT HAVE 3

BEEN MET OR W AIVED ON OR PRIOR TO THE SETTLEMENT DATE (THE "CONDITIONS"). IN ADDITION, THE PURCHASE AGREEMENT PERMITS THE INITIAL PURCHASER TO TERMINATE ITS OBLIGATION TO PURCHASE THE NOTES IN CERTAIN CIRCUMSTANCES, INCLUDING GENERAL TRADING SUSPENSIONS, BANK MORATORIA IN THE UNITED STATES OR PANAMA AND ACTS OF WAR OR TERRORISM ("TERMINATION EVENTS"). IF THE INITIAL PURCHASER WERE TO DETERMINE THAT ANY OF SUCH CONDITIONS HAS NOT BEEN SATISFACTORILY MET OR WAIVED OR A TERMINATION EVENT HAS OCCURRED, ALL SALES AND PURCHASES OF THE NOTES MADE ON THE PANAMA STOCK EXCHANGE BY THE INITIAL PURCHASER AND ANY OTHER PURCHASERS PURSUANT TO THE PANAMA STOCK EXCHANGE BIDDING PROCESS DESCRIBED HEREIN ON OR AFTER THE TRADE DATE SHALL BE CANCELLED AND UNWOUND WITHOUT RECOURSE TO THE ISSUER OR THE INITIAL PURCHASER, AND NEITHER THE OFFERING NOR THE SEE "PLAN OF PURCHASE OF THE NOTES SHALL BE CONSUMMATED. DISTRIBUTION". IN THE EVENT SUCH SALES AND PURCHASES ARE CANCELLED AND UNWOUND, THE PURCHASERS WHO UNDERTOOK TO PURCHASE THE NOTES PURSUANT TO THE PANAMA STOCK EXCHANGE BIDDING PROCESS AND THAT HA VE ALREADY PAID FUNDS THEREFOR WILL BE REFUNDED ON THE BUSINESS DAY FOLLOWING THE DAY OF CANCELLATION AND UNWINDING.

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Tocumen

''' '·i'"' ••.• ,,,, •''*'·' ''' I'ANAIIIA

Aeropuerto Internacional de Tocumen, S.A. Bonos Senior Garantizados con vencimiento en 2036 a una tasa del 5,375% por USD 625.000.000 Anexo de Precios del4 de mayo de 2016 ("Anexo de Precios") del Prospecto Informativo presentado ante la SMV ("Prospecto Informativo")

La información contenida en el presente Anexo de Precios complementa el Prospecto Informativo de la Empresa y prevalecerá sobre la información incluida en este último en caso de conflicto . Este Anexo de Precios se encuentra limitado íntegramente por referencia al Prospecto Informativo. Los términos aquí empleados pero no definidos tendrán los significados respectivos establecidos en el Prospecto Informativo. Emisor:

Aeropuerto lnterna