PANAMA CANAL AUTHORITY AWARDS GATUN LAKE DREDGING CONTRACT TO DREDGING INTERNATIONAL N.V.
News Release
Panama Canal Authority
June 8, 2010
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<P class=MsoNormal><B><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; FONT-SIZE: 10pt">PANAMA CITY, Panama,
June 7, 2010</SPAN></B><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; FONT-SIZE: 10pt"> – The Panama Canal
Authority (ACP) announced today that Dredging International N.V. has been
awarded the contract to dredge an area of the Panama Canal’s manmade body of
water, Gatun Lake. The dredging project is another integral element of the
Canal’s Expansion Program.</SPAN></P></DIV>
<DIV>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; FONT-SIZE: 10pt"></SPAN> </P></DIV>
<DIV>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; FONT-SIZE: 10pt">“We are pleased with
the competition for this contract for which several premier dredging firms from
around the world submitted proposals,” said ACP Executive Vice President of
Engineering and Program Management Jorge L. Quijano. “The ACP has partnered with
Dredging International N.V. in the past and we are confident in its proven
expertise to deliver this important component of the Expansion Program. Not only
has the ACP benefited from a competitive price that is within the estimated
budget, but it is also assured of an effective, high quality execution.”
</SPAN></P></DIV>
<DIV>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Calibri','sans-serif'; FONT-SIZE: 10pt"></SPAN><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; FONT-SIZE: 10pt"></SPAN> </P></DIV>
<DIV>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; FONT-SIZE: 10pt">The primary element
within the scope of work for this contract is to widen and deepen the existing
navigational channel by dredging approximately 4.6 million cubic meters in the
northern most reaches of the Lake. This contract is one component within the
ACP’s Fresh Water Dredging and Excavation Project for the Canal Expansion, which
includes the dredging and/or excavation of about 30 million cubic meters in
Gatun Lake and the Gaillard Cut (the narrowest stretch of the Panama
Canal).</SPAN></P></DIV>
<DIV>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Calibri','sans-serif'; FONT-SIZE: 10pt"></SPAN><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; FONT-SIZE: 10pt"></SPAN> </P></DIV>
<DIV>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; FONT-SIZE: 10pt">After a thorough
review of the lowest priced proposal, the ACP awarded the contract to Dredging
International N.V. for $39,983,822.82. </SPAN></P></DIV>
<P style="TEXT-ALIGN: center" class=MsoNormal align=center><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; FONT-SIZE: 10pt">­­</SPAN></P>
<DIV>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; FONT-SIZE: 10pt">The chart below
provides the names of the companies that submitted bids June 1 with their
corresponding bid prices in U.S. dollars. </SPAN></P></DIV>
<DIV>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; FONT-SIZE: 10pt"></SPAN> </P></DIV>
<TABLE style="WIDTH: 623.25pt; BORDER-COLLAPSE: collapse; MARGIN-LEFT: -5pt"
class=MsoNormalTable border=0 cellSpacing=0 cellPadding=0 width=831>
<TBODY>
<TR style="HEIGHT: 29.25pt">
<TD
style="BORDER-BOTTOM: 1pt inset; BORDER-LEFT: 1pt inset; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 29.25pt; BORDER-TOP: 1pt inset; BORDER-RIGHT: 1pt inset; PADDING-TOP: 0.75pt">
<P class=MsoNormal><B>COMPANY</B></P></TD>
<TD
style="BORDER-BOTTOM: 1pt inset; BORDER-LEFT: medium none; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 29.25pt; BORDER-TOP: 1pt inset; BORDER-RIGHT: 1pt inset; PADDING-TOP: 0.75pt">
<P style="TEXT-ALIGN: center" class=MsoNormal align=center><B>BID
PRICE</B></P></TD></TR>
<TR style="HEIGHT: 19.5pt">
<TD
style="BORDER-BOTTOM: 1pt inset; BORDER-LEFT: 1pt inset; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 19.5pt; BORDER-TOP: medium none; BORDER-RIGHT: 1pt inset; PADDING-TOP: 0.75pt">
<P class=MsoNormal><B>Dredging International N.V.</B></P></TD>
<TD
style="BORDER-BOTTOM: 1pt inset; BORDER-LEFT: medium none; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 19.5pt; BORDER-TOP: medium none; BORDER-RIGHT: 1pt inset; PADDING-TOP: 0.75pt">
<P style="TEXT-ALIGN: center" class=MsoNormal align=center><B>$
39,983,822.82</B></P></TD></TR>
<TR style="HEIGHT: 9.75pt">
<TD
style="BORDER-BOTTOM: 1pt inset; BORDER-LEFT: 1pt inset; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 9.75pt; BORDER-TOP: medium none; BORDER-RIGHT: 1pt inset; PADDING-TOP: 0.75pt">
<P class=MsoNormal>China Harbour Engineering Company (CHEC)</P></TD>
<TD
style="BORDER-BOTTOM: 1pt inset; BORDER-LEFT: medium none; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 9.75pt; BORDER-TOP: medium none; BORDER-RIGHT: 1pt inset; PADDING-TOP: 0.75pt">
<P style="TEXT-ALIGN: center" class=MsoNormal align=center>$
67,377,423.00</P></TD></TR>
<TR style="HEIGHT: 9.75pt">
<TD
style="BORDER-BOTTOM: 1pt inset; BORDER-LEFT: 1pt inset; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 9.75pt; BORDER-TOP: medium none; BORDER-RIGHT: 1pt inset; PADDING-TOP: 0.75pt">
<P class=MsoNormal>Boskalis International</P></TD>
<TD
style="BORDER-BOTTOM: 1pt inset; BORDER-LEFT: medium none; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 9.75pt; BORDER-TOP: medium none; BORDER-RIGHT: 1pt inset; PADDING-TOP: 0.75pt">
<P style="TEXT-ALIGN: center" class=MsoNormal align=center>$
85,500,207.49</P></TD></TR>
<TR style="HEIGHT: 9.75pt">
<TD
style="BORDER-BOTTOM: 1pt inset; BORDER-LEFT: 1pt inset; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 9.75pt; BORDER-TOP: medium none; BORDER-RIGHT: 1pt inset; PADDING-TOP: 0.75pt">
<P class=MsoNormal>Great Lakes Dredge & Dock</P></TD>
<TD
style="BORDER-BOTTOM: 1pt inset; BORDER-LEFT: medium none; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 9.75pt; BORDER-TOP: medium none; BORDER-RIGHT: 1pt inset; PADDING-TOP: 0.75pt">
<P style="TEXT-ALIGN: center" class=MsoNormal align=center>$
72,392,354.34</P></TD></TR>
<TR style="HEIGHT: 9.75pt">
<TD
style="BORDER-BOTTOM: 1pt inset; BORDER-LEFT: 1pt inset; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 9.75pt; BORDER-TOP: medium none; BORDER-RIGHT: 1pt inset; PADDING-TOP: 0.75pt">
<P class=MsoNormal>Van Oord</P></TD>
<TD
style="BORDER-BOTTOM: 1pt inset; BORDER-LEFT: medium none; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 9.75pt; BORDER-TOP: medium none; BORDER-RIGHT: 1pt inset; PADDING-TOP: 0.75pt">
<P style="TEXT-ALIGN: center" class=MsoNormal align=center>$
97,998.256.97</P></TD></TR>
<TR style="HEIGHT: 9.75pt">
<TD
style="BORDER-BOTTOM: 1pt inset; BORDER-LEFT: 1pt inset; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 9.75pt; BORDER-TOP: medium none; BORDER-RIGHT: 1pt inset; PADDING-TOP: 0.75pt">
<P class=MsoNormal>Jan De Nul</P></TD>
<TD
style="BORDER-BOTTOM: 1pt inset; BORDER-LEFT: medium none; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 9.75pt; BORDER-TOP: medium none; BORDER-RIGHT: 1pt inset; PADDING-TOP: 0.75pt">
<P style="TEXT-ALIGN: center" class=MsoNormal align=center>$
57,856,939.00</P></TD></TR></TBODY></TABLE>
<DIV>
<P class=MsoNormal><SPAN style="FONT-SIZE: 10pt"></SPAN><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; FONT-SIZE: 10pt"></SPAN> </P></DIV>
<DIV>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; FONT-SIZE: 10pt">Expansion will build
a new lane of traffic along the Panama Canal through the construction of a new
set of locks which will double capacity and allow more traffic and longer, wider
ships.</SPAN></P></DIV>
<DIV>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Calibri','sans-serif'; FONT-SIZE: 10pt"></SPAN><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; FONT-SIZE: 10pt"></SPAN> </P></DIV>
<DIV>
<P class=MsoNormal><B><U><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; FONT-SIZE: 10pt">About the Panama
Canal Authority (ACP)</SPAN></U></B><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; FONT-SIZE: 10pt"></SPAN></P></DIV>
<DIV>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; FONT-SIZE: 10pt">The ACP is the
autonomous agency of the Government of Panama in charge of managing, operating
and maintaining the Panama Canal. The operation of the ACP is based on its
organic law and the regulations approved by its Board of Directors. For more
information, please refer to the ACP's Web site: <A
href="redir.aspx?C=07ee19b7c5a0446bba4ace561094710d&URL=http%3a%2f%2fwww.pancanal.com"
target=_blank>www.pancanal.com</A>. You can also follow us on Twitter: <A
href="redir.aspx?C=07ee19b7c5a0446bba4ace561094710d&URL=http%3a%2f%2ftwitter.com%2fthepanamacanal"
target=_blank>http://twitter.com/thepanamacanal</A>.</SPAN></P></DIV></DIV></BODY></HTML>
<HTML><HEAD><TITLE></TITLE>
<META content="text/html; charset=unicode" http-equiv=Content-Type>
<META name=GENERATOR content="MSHTML 8.00.6001.18904"></HEAD>
<BODY>
<DIV>
<DIV>
<P class=MsoNormal><B><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; FONT-SIZE: 10pt">PANAMA CITY, Panama,
June 7, 2010</SPAN></B><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; FONT-SIZE: 10pt"> – The Panama Canal
Authority (ACP) announced today that Dredging International N.V. has been
awarded the contract to dredge an area of the Panama Canal’s manmade body of
water, Gatun Lake. The dredging project is another integral element of the
Canal’s Expansion Program.</SPAN></P></DIV>
<DIV>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; FONT-SIZE: 10pt"></SPAN> </P></DIV>
<DIV>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; FONT-SIZE: 10pt">“We are pleased with
the competition for this contract for which several premier dredging firms from
around the world submitted proposals,” said ACP Executive Vice President of
Engineering and Program Management Jorge L. Quijano. “The ACP has partnered with
Dredging International N.V. in the past and we are confident in its proven
expertise to deliver this important component of the Expansion Program. Not only
has the ACP benefited from a competitive price that is within the estimated
budget, but it is also assured of an effective, high quality execution.”
</SPAN></P></DIV>
<DIV>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Calibri','sans-serif'; FONT-SIZE: 10pt"></SPAN><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; FONT-SIZE: 10pt"></SPAN> </P></DIV>
<DIV>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; FONT-SIZE: 10pt">The primary element
within the scope of work for this contract is to widen and deepen the existing
navigational channel by dredging approximately 4.6 million cubic meters in the
northern most reaches of the Lake. This contract is one component within the
ACP’s Fresh Water Dredging and Excavation Project for the Canal Expansion, which
includes the dredging and/or excavation of about 30 million cubic meters in
Gatun Lake and the Gaillard Cut (the narrowest stretch of the Panama
Canal).</SPAN></P></DIV>
<DIV>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Calibri','sans-serif'; FONT-SIZE: 10pt"></SPAN><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; FONT-SIZE: 10pt"></SPAN> </P></DIV>
<DIV>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; FONT-SIZE: 10pt">After a thorough
review of the lowest priced proposal, the ACP awarded the contract to Dredging
International N.V. for $39,983,822.82. </SPAN></P></DIV>
<P style="TEXT-ALIGN: center" class=MsoNormal align=center><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; FONT-SIZE: 10pt">­­</SPAN></P>
<DIV>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; FONT-SIZE: 10pt">The chart below
provides the names of the companies that submitted bids June 1 with their
corresponding bid prices in U.S. dollars. </SPAN></P></DIV>
<DIV>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; FONT-SIZE: 10pt"></SPAN> </P></DIV>
<TABLE style="WIDTH: 623.25pt; BORDER-COLLAPSE: collapse; MARGIN-LEFT: -5pt"
class=MsoNormalTable border=0 cellSpacing=0 cellPadding=0 width=831>
<TBODY>
<TR style="HEIGHT: 29.25pt">
<TD
style="BORDER-BOTTOM: 1pt inset; BORDER-LEFT: 1pt inset; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 29.25pt; BORDER-TOP: 1pt inset; BORDER-RIGHT: 1pt inset; PADDING-TOP: 0.75pt">
<P class=MsoNormal><B>COMPANY</B></P></TD>
<TD
style="BORDER-BOTTOM: 1pt inset; BORDER-LEFT: medium none; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 29.25pt; BORDER-TOP: 1pt inset; BORDER-RIGHT: 1pt inset; PADDING-TOP: 0.75pt">
<P style="TEXT-ALIGN: center" class=MsoNormal align=center><B>BID
PRICE</B></P></TD></TR>
<TR style="HEIGHT: 19.5pt">
<TD
style="BORDER-BOTTOM: 1pt inset; BORDER-LEFT: 1pt inset; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 19.5pt; BORDER-TOP: medium none; BORDER-RIGHT: 1pt inset; PADDING-TOP: 0.75pt">
<P class=MsoNormal><B>Dredging International N.V.</B></P></TD>
<TD
style="BORDER-BOTTOM: 1pt inset; BORDER-LEFT: medium none; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 19.5pt; BORDER-TOP: medium none; BORDER-RIGHT: 1pt inset; PADDING-TOP: 0.75pt">
<P style="TEXT-ALIGN: center" class=MsoNormal align=center><B>$
39,983,822.82</B></P></TD></TR>
<TR style="HEIGHT: 9.75pt">
<TD
style="BORDER-BOTTOM: 1pt inset; BORDER-LEFT: 1pt inset; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 9.75pt; BORDER-TOP: medium none; BORDER-RIGHT: 1pt inset; PADDING-TOP: 0.75pt">
<P class=MsoNormal>China Harbour Engineering Company (CHEC)</P></TD>
<TD
style="BORDER-BOTTOM: 1pt inset; BORDER-LEFT: medium none; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 9.75pt; BORDER-TOP: medium none; BORDER-RIGHT: 1pt inset; PADDING-TOP: 0.75pt">
<P style="TEXT-ALIGN: center" class=MsoNormal align=center>$
67,377,423.00</P></TD></TR>
<TR style="HEIGHT: 9.75pt">
<TD
style="BORDER-BOTTOM: 1pt inset; BORDER-LEFT: 1pt inset; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 9.75pt; BORDER-TOP: medium none; BORDER-RIGHT: 1pt inset; PADDING-TOP: 0.75pt">
<P class=MsoNormal>Boskalis International</P></TD>
<TD
style="BORDER-BOTTOM: 1pt inset; BORDER-LEFT: medium none; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 9.75pt; BORDER-TOP: medium none; BORDER-RIGHT: 1pt inset; PADDING-TOP: 0.75pt">
<P style="TEXT-ALIGN: center" class=MsoNormal align=center>$
85,500,207.49</P></TD></TR>
<TR style="HEIGHT: 9.75pt">
<TD
style="BORDER-BOTTOM: 1pt inset; BORDER-LEFT: 1pt inset; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 9.75pt; BORDER-TOP: medium none; BORDER-RIGHT: 1pt inset; PADDING-TOP: 0.75pt">
<P class=MsoNormal>Great Lakes Dredge & Dock</P></TD>
<TD
style="BORDER-BOTTOM: 1pt inset; BORDER-LEFT: medium none; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 9.75pt; BORDER-TOP: medium none; BORDER-RIGHT: 1pt inset; PADDING-TOP: 0.75pt">
<P style="TEXT-ALIGN: center" class=MsoNormal align=center>$
72,392,354.34</P></TD></TR>
<TR style="HEIGHT: 9.75pt">
<TD
style="BORDER-BOTTOM: 1pt inset; BORDER-LEFT: 1pt inset; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 9.75pt; BORDER-TOP: medium none; BORDER-RIGHT: 1pt inset; PADDING-TOP: 0.75pt">
<P class=MsoNormal>Van Oord</P></TD>
<TD
style="BORDER-BOTTOM: 1pt inset; BORDER-LEFT: medium none; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 9.75pt; BORDER-TOP: medium none; BORDER-RIGHT: 1pt inset; PADDING-TOP: 0.75pt">
<P style="TEXT-ALIGN: center" class=MsoNormal align=center>$
97,998.256.97</P></TD></TR>
<TR style="HEIGHT: 9.75pt">
<TD
style="BORDER-BOTTOM: 1pt inset; BORDER-LEFT: 1pt inset; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 9.75pt; BORDER-TOP: medium none; BORDER-RIGHT: 1pt inset; PADDING-TOP: 0.75pt">
<P class=MsoNormal>Jan De Nul</P></TD>
<TD
style="BORDER-BOTTOM: 1pt inset; BORDER-LEFT: medium none; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 9.75pt; BORDER-TOP: medium none; BORDER-RIGHT: 1pt inset; PADDING-TOP: 0.75pt">
<P style="TEXT-ALIGN: center" class=MsoNormal align=center>$
57,856,939.00</P></TD></TR></TBODY></TABLE>
<DIV>
<P class=MsoNormal><SPAN style="FONT-SIZE: 10pt"></SPAN><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; FONT-SIZE: 10pt"></SPAN> </P></DIV>
<DIV>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; FONT-SIZE: 10pt">Expansion will build
a new lane of traffic along the Panama Canal through the construction of a new
set of locks which will double capacity and allow more traffic and longer, wider
ships.</SPAN></P></DIV>
<DIV>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Calibri','sans-serif'; FONT-SIZE: 10pt"></SPAN><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; FONT-SIZE: 10pt"></SPAN> </P></DIV>
<DIV>
<P class=MsoNormal><B><U><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; FONT-SIZE: 10pt">About the Panama
Canal Authority (ACP)</SPAN></U></B><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; FONT-SIZE: 10pt"></SPAN></P></DIV>
<DIV>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; FONT-SIZE: 10pt">The ACP is the
autonomous agency of the Government of Panama in charge of managing, operating
and maintaining the Panama Canal. The operation of the ACP is based on its
organic law and the regulations approved by its Board of Directors. For more
information, please refer to the ACP's Web site: <A
href="redir.aspx?C=07ee19b7c5a0446bba4ace561094710d&URL=http%3a%2f%2fwww.pancanal.com"
target=_blank>www.pancanal.com</A>. You can also follow us on Twitter: <A
href="redir.aspx?C=07ee19b7c5a0446bba4ace561094710d&URL=http%3a%2f%2ftwitter.com%2fthepanamacanal"
target=_blank>http://twitter.com/thepanamacanal</A>.</SPAN></P></DIV></DIV></BODY></HTML>