1. Panama Canal Expansion Program Nicolás A. Solano Panama Canal Authority October 13, 2009

2. Panamá – Logistic Center of the Americas Reaching the full potential of its geographical position

3. FY 1955 FY 1975 FY 1995 FY 2008 20,000 25,000 30,000 35,000 40,000 45,000 50,000 1915 1918 1921 1924 1927 1930 1933 1936 1939 1942 1945 1948 1951 1954 1957 1960 1963 1966 1969 1972 1975 1978 1981 1984 1987 1990 1993 1996 1999 2002 2005 2008 Transits 50 100 150 200 250 300 350 Panama Canal Tons in Millions 4,832 9,931 18,940 23,510 309.6 14,702 4,832 9,931 18,940 23,510 14,702 Transits vs Tonnage PC-UMS FY 1915 – FY 2008 Fiscal Year Transisthmian Pipeline starts operations 0 5,000 10,000 15,000 Oceangoing PC-UMS Tonnage

5. Expansion Program Components

6. Expansion Program Components Deepening & widening of the Atlantic entrance Atlantic Post Panamax Locks Pacific Post Panamax Locks 15.8 M m 3 Deepening & widening of the Pacific entrance 9.1 M m 3 Increase the Maximum Operating Level of Gatún Lake 26.7 m 27.1 m New Locks ► Access Channel ► Existing Locks ▼ Existing Locks ▼ Atlantic Ocean Pacific Ocean Deepening & widening of the Gatun lake & Culebra Cut navigational channels Post Panamax Pacific Locks Access Channel 48 M m 3

7. Deepening & widening of the Atlantic entrance Atlantic Post Panamax Locks Increase the Maximum Operating Level of Gatún Lake Pacific Post Panamax Locks 15.8 M m 3 26.7 m 27.1 m Deepening & widening of the Gatun lake & Culebra Cut navigational channels Post Panamax Locks Pacific Access Channel 48 M m 3 Deepening & widening of the Pacific entrance 9.1 M m 3 Expansion Program Components $5.25Billion investment over a 7 year period Atlantic Ocean Pacific Ocean

8. Projects Underway

11. Projects Underway Pacific Access Channel - Phase 2 PAC - 2 Cocoli River Borinquen Road Cocoli River Diversion Excavation Project Scope: Excavation of 7.5 M m 3 , Relocation of 1.3 Km road, 3.5 Km Cocoli River diversion. Awarded: November 27, 2007. 7 M m 3 excavated 84% 92% Programmed Current 0 10 20 30 40 50 60 70 80 90 100

12. Projects Underway Pacific Access Channel - Phase 2 Cocoli River diversion Borinquen Road

13. ELEVACION 140 - 40 - 10 20 50 80 110 140 - 40 - 10 20 50 80 110 PAC- 3 UXO 2 190 Ha PAC-1 PAC-2 Projects Underway Pacific Access Channel - Phase 3 31% 21% 1.44 M m 3 excavated 188 hectares cleared 0+175 0+675 1+175 1+675 2+175 2+675 3+175 3+675 4+175 4+675 5+175 5+675 6+175 6+675 7+175 PAC 3 Clearing 190 ha of UXO area Excavation: 8.0 M m 3 Awarded: December 16, 2008 Company: Constructora MECO, S.A. 0 10 20 30 40 50 60 70 80 90 100 Current Programmed

14. UXO 2 190 Ha Projects Underway Pacific Access Channel - Phase 3 188 hectares cleared – 99% Remaining 2 Has.

15. Projects Underway Pacific Entrance Deepening and Widening (9.1 M m 3 ) Breydel Hopper Dredge Awarded: April 1, 2008 Company: Dredging International Amount: $ 177,500,676.78 Dredging Amount: 9.1 M m 3 4.62 M m 3 dredged 46% 41% Drilling & Blasting Barge Yuan Dong 007 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Current Programmed

16. Projects Underway Gatun Lake & Culebra Cut Dredging Areas Barro Colorado Gamboa Gatun Lake Gatún Peña Blanca Bohío Buena Vista Mamey Juan Grande Chagres San Pablo Tabernilla Gamboa 22% 23% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Current Programmed

17. Atlantic & Pacific Post Panamax Locks (40 M m 3 of dry excavation) Pacific Atlantic Lock Chamber Length: 427 m Width: 55 m Depth: 18.3 m Vessel size LOA: 366 m Beam: 49 m Draft: 15.2 m

18. Locks Contract Overview

19. Dimensions of Locks and Vessels 294.1 m (965’) 33.5 m (110’) 32.3 m (106’) 304.8 m (1,000’) 12.8 m (42’) 366 m (1,200’) 55 m (180’) 49 m (160’) 427 m (1,400’) 18.3 m (60’) 12.4 m (39.5’) 15.2 m (50’) Existing Locks Max Vessel size: 4,400 TEU’s New Locks Max Vessel size: 12,600 TEU’s New Locks Existing Locks

20. PostPanamax Locks Operation GUPC’s Proposal With the water saving basins the new locks will use 7% less water than the existing locks Existing Locks New Locks Water Utilization WSB 1 WSB 2 WSB 3

21. Prequalified Consortia Consortium Members Designers Gate fabricators C.A.N.A.L. ACS Servicios, Comunicaciones y Energía, S.L. – Leader Sener Ingeniería y Sistemas ACS Servicios, Comunicaciones y Energía, S.L. Acciona Infraestructuras, S.A. Haskoning Nederland BV Fomento de Construcciones y Contratas, S.A. Mott Macdonald Limited Hochtief Construction AG Hochtief Consult Constructoras ICA S.A. de C.V. Atlántico-Pacífico de Panamá Bouygues Travaux Publics – Leader AECOM – Leader ALSTOM Hydro Energia Brasil Bilfinger Berger VINCI Construction Grands Projets Construcoes e Comercio Camargo Correa S.A. Construtora Andrade Gutierrez S.A. Construtora Queiroz Galvao S.A. ALSTOM Hydro Energia Brasil BARDELLA Ind. Mecánicas Bechtel, Taisei, Mitsubishi Corporation Bechtel Internacional, Inc. – Leader Bechtel Internacional, Inc. – Leader Wuchang Shipyard Taisei Corporation Mitsubishi Corporation Grupo Unidos por el Canal Sacyr Vallehermoso S.A. – Leader Montgomery Watson Harza (MWH) – Leader Heerema Fabrication Group Impregilo S.p.A. Jan de Nul n.v. IV-Groep Constructora Urbana, S.A. Tetra Tech

22. Consortia that submitted proposals on March 3, 2009 Consortium Members Designers Gate fabricators C.A.N.A.L. ACS Servicios, Comunicaciones y Energía, S.L. – Leader Sener Ingeniería y Sistemas ACS Servicios, Comunicaciones y Energía, S.L. Acciona Infraestructuras, S.A. Haskoning Nederland BV Fomento de Construcciones y Contratas, S.A. Mott Macdonald Limited Hochtief Construction AG Hochtief Consult Constructoras ICA S.A. de C.V. Bechtel, Taisei, Mitsubishi Corporation Bechtel Internacional, Inc. – Leader Bechtel Internacional, Inc. – Leader Wuchang Shipyard Taisei Corporation Mitsubishi Corporation Grupo Unidos por el Canal Sacyr Vallehermoso S.A. – Leader Montgomery Watson Harza (MWH) – Leader Heerema Fabrication Group Impregilo S.p.A. Jan de Nul n.v. IV-Groep Constructora Urbana, S.A. Tetra Tech Atlántico-Pacífico de Panamá Bouygues Travaux Publics – Leader AECOM – Leader ALSTOM Hydro Energia Brasil Bilfinger Berger VINCI Construction Grands Projets Construcoes e Comercio Camargo Correa S.A. Construtora Andrade Gutierrez S.A. Construtora Queiroz Galvao S.A. ALSTOM Hydro Energia Brasil BARDELLA Ind. Mecánicas Bechtel Mitsubishi Taisei CANAL GUPC

23. Locks Design and Construction Bidding Process Opening of Price Envelopes - July 8, 2009

25. Locks Design and Construction Timeline of the Contracting Plan New Date for Last Individual Meeting with the Consortia 16-JAN-09 Request For Qualifications Issued 27-AUG-07 Draft Issue of the Terms of Reference 21-DEC-07 Receipt of Qualifications 15-NOV-07 Short List Selection 14-DEC-07 Individual Meetings with the Consortia 29-JAN-08 Homologation of the Terms of Reference 26-MAR-08 Final Terms of Reference Issued 18-APR-08 Designation of the Technical Evaluation Board 14 months Preview Conference 13-SEP-07 Receipt of Proposals 3-MAR-09 Contract Award 15 -JUL-09 Proposals evaluation advisors identified 9-FEB-09 Prequalification Performance & Payment Bonds received 11-AUG-09 JUN JUL AUG SEP AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DIC JAN FEB MAR APR MAY 2007 2008 2009

26. Notice of award 5 days 3 days End of notification period (Edict) Opening of envelopes with prices 28 days 42 days Process before the work began Proposal evaluation documents available to bidders 7 days $400 M & $50 M Performance and Payment bonds received 11-Aug-09 End of period for protesting award 27-Jul-09 Work began 25-Aug-09 Issuance of notice to commence 18-Aug-09 AUGUST JULY

27. GUPC Locks Design Pacific Locks

28. GUPC Locks Design Pacific Locks

29. Atlantic Entrance Deepening & Widening Width: 225m (740´) ▶ March 2013 End of project: $89,617,317 Awarded amount: September 25, 2009 Date of award: Jan de Nul NV Awarded to: September 10, 2009 Proposals received: April 30, 2009 Pre Bid Conference: February 27, 2009 RFP Issued: 15.6 M m 3 Volume:

30. Major contracts under bid

32. Borinquen Dam Miraflores Lake Pacific Locks Access Channel Clay Core Rock

33. Administration

34. The $2.3 billion financing package will cover a portion of the $5.25 billion total cost of the project and will be allocated as follows: Administration Secured Financing for Expansion Program – December 9, 2008 The negotiated financing structure includes favorable provisions for the ACP including a 20-year amortizing period with a 10-year grace period. FINANCING: European Investment Bank (EIB) $ 500 M Japan Bank for International Cooperation (JBIC) $ 800 M Inter-American Development Bank (IDB) $ 400 M International Finance Corporation (IFC) $ 300 M Corporación Andina de Fomento (CAF) $ 300 M Subtotal: $2,300 M ACP: $ 2,950 M Total: $ 5,250 M

35. Locks Project Integrated Organizational Structure incorporating CH2MHill CH2MHill ACP Assistant, Locks Contract Specialists EVP, Eng. & Program Administration Jorge L. Quijano Program Administrator (CH2MHILL) Mike Kennedy Quality Assurance John Lopacki Executive Manager., Locks Project Jorge De la Guardia Senior Locks Contract Specialist Senior Claims Analyst - Locks Locks Construction Manager Joe Cazares Locks Design Manager Cheryl George Locks Design Assistant Mary Goodson Manager, Pacific Locks Ken Fortner Assistant, Pacific Locks Juan Wong Manager, Atlantic Locks Don Heyer Assistant, Atlantic Locks José Reyes Manager, Project Controls Assistant, Project Controls José Pascal Assistant, Quality Assurance Claims Analyst

38. Reforestation Projects in Execution Baru Volcano National Park 30 Ha Gral. Omar Torrijos National Park 180 Ha Campana National Park 30 Ha Camino de Cruces National Park 115 Ha Chagres National Park 40 Ha Forest Research Center 50 Ha 20% 30% 40% 22% 30% 62% 22% 62% 0 10 20 30 40 50 60 70 80 90 100 PAC-2 / Campana National Park (Panama/ West) PAC-1 / Camino de Cruces National Park (Panama) PAC-2 / Gral. Omar Torrijos National Park (La Rica/Caño Sucio–Cocle) PAC-3 / Chagres National Park (Panama-Quebrada Oscura) Gatun Lake Dredging / Baru Volcano National Park (Chiriqui) PAC-2 / Gral. Omar Torrijos National Park (Bajo Grande/Ojo de Agua–Cocle) PAC-3 / Gral. Omar Torrijos National Park (Piedras Gordas – Cocle) PAC-3 / ANAM Forest Research Center (Chiriqui)

39. Schedule

40. Locks Activity Excavation Contract 1 Deepening/Widening of Gatun Lake and Deepening of Gaillard Cut Dredging of the Atlantic Entrance Dredging of the Pacific Entrance 06 2007 2008 2009 2010 2011 2012 2013 2014 Increase Operating Level of Gatún Lake Expanded Canal Begins Operations Design & Build Post-Panamax Locks 4T 1T 2T 3T 4T 1T 2T 3T 4T 1T 2T 3T 4T 1T 2T 3T 4T 1T 2T 3T 4T 1T 2T 3T 4T 1T 2T 3T 4T 1T 2T 3T 4T % Progress Access Channel Dredging * Baseline from December 31, 2006 including contingency. Bidding and Contracting Execution Specifications and Design Baseline* Baseline Baseline Beginning of operations Contingency against baseline Specifications and Locks Models Excavation Contract 2 Excavation Contract 3 Excavation Contract 4 and Dams Summary Schedule of Main Projects with Baseline and Contingency as of August 31, 2009* 91% 84% 31% 2% 22% 1% 46% <1% <1% 100%

41. Panama canal Expansion Program Nicolás A. Solano Panama Canal Authority October 13, 2009