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News Release

April 23, 2012

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Panama Canal proposes tolls adjustments and creates new market segments

News Release Panama Canal Authority April 23, 2012
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<P dir=ltr align=center><SPAN lang=en-us><B></B></SPAN><SPAN lang=en-us><B><FONT
size=4 face=Arial>Panama Canal proposes tolls adjustments and creates new market
segments</FONT></B></SPAN><SPAN lang=en-us><B></B></SPAN><SPAN lang=en-us><B>
</B></SPAN></P>
<P dir=ltr align=center><SPAN lang=en-us><B></B></SPAN><SPAN lang=en-us><B><FONT
size=4 face=Arial>to reflect real value of the route and better serve its
customers</FONT></B></SPAN><SPAN lang=en-us><B></B></SPAN><SPAN
lang=en-us><B></B></SPAN></P>
<P dir=ltr align=center><SPAN lang=en-us><B></B></SPAN><SPAN
lang=en-us><B></B></SPAN></P>
<P dir=ltr><SPAN lang=en-us><FONT size=2 face=Symbol>&#183;<FONT
face="Courier New">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><B></B></SPAN><SPAN
lang=en-us></SPAN><SPAN lang=en-us> <FONT size=2 face=Arial>New market segments
by vessel type are created</FONT></SPAN></P>
<P dir=ltr><SPAN lang=en-us><FONT size=2 face=Symbol>&#183;<FONT
face="Courier New">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT> <FONT
size=2 face=Arial>Consultation period with interested parties
begins</FONT></SPAN><SPAN lang=en-us></SPAN><SPAN lang=en-us></SPAN></P>
<UL dir=ltr>
<P dir=ltr><SPAN lang=en-us></SPAN><SPAN lang=en-us></SPAN></P></UL>
<P dir=ltr><SPAN lang=en-us><B></B></SPAN><SPAN lang=en-us><B><FONT size=2
face=Arial>Panama City, April 20, 2012</FONT></B></SPAN><SPAN
lang=en-us></SPAN><SPAN lang=en-us><FONT size=2 face=Arial>.&nbsp;&nbsp; The
Panama Canal Authority (ACP) Board of Directors approved a proposal to modify
the Panama Canal pricing structure to</FONT></SPAN><SPAN lang=en-us></SPAN><SPAN
lang=en-us> <FONT size=2 face=Arial>align Canal toll charges with the value the
route provides.</FONT></SPAN><SPAN lang=en-us></SPAN><SPAN
lang=en-us></SPAN></P>
<P dir=ltr><SPAN lang=en-us></SPAN><SPAN lang=en-us></SPAN></P>
<P dir=ltr><SPAN lang=en-us><B></B></SPAN><SPAN lang=en-us><B><FONT size=2
face=Arial>New Segments</FONT></B></SPAN></P>
<P dir=ltr><SPAN lang=en-us></SPAN><SPAN lang=en-us><FONT size=2 face=Arial>The
proposal increases the number of segments from eight to eleven by Panama Canal
vessel type. It also breaks down the tanker segment into three distinct
segments, establishes a new segment for container/breakbulk, and incorporates
the roll-on/roll-off vessels into the vehicle carrier segment.&nbsp; Once
approved, the Panama Canal market segmentation scheme will include the following
segments: full container, reefer, dry bulk, passenger, vehicle carrier and
ro-ro, tanker, chemical tanker, LPG, general cargo and others.</FONT></SPAN></P>
<P dir=ltr><SPAN lang=en-us><B></B></SPAN><SPAN lang=en-us><B></B></SPAN></P>
<P dir=ltr><SPAN lang=en-us><B><FONT size=2 face=Arial>Price
Proposal</FONT></B></SPAN></P>
<P dir=ltr><SPAN lang=en-us></SPAN><SPAN lang=en-us><FONT size=2
face=Arial>Effective July 1, 2012, the ACP proposes to increase the tolls for
the following segments:&nbsp; general cargo, container/break bulk (new segment),
dry bulk, tanker (redefined segment), chemical tanker (new segment), LPG (new
segment), vehicle carrier and ro-ro (merged segment), and the segment known as
others.&nbsp; The remaining segments will not be adjusted at this time.&nbsp;
Additionally, there will be changes to tolls applicable to small vessels based
on vessel length, to incorporate adjustments not previously
considered.</FONT></SPAN></P>
<P dir=ltr><SPAN lang=en-us><FONT size=2 face=Arial>&#8220;This proposal continues to
align the Panama Canal tolls to the value, benefit and quality the route
provides, and maintains the competitiveness of the Panama Canal&#8221;, stated Alberto
Alem&#225;n Zubieta, ACP Administrator/CEO.</FONT></SPAN></P>
<P dir=ltr><SPAN lang=en-us><B></B></SPAN><SPAN lang=en-us><B></B></SPAN></P>
<P dir=ltr><SPAN lang=en-us><B></B></SPAN><SPAN lang=en-us><B><FONT size=2
face=Arial>Consultation period and public hearing</FONT></B></SPAN></P>
<P dir=ltr><SPAN lang=en-us></SPAN><SPAN lang=en-us><FONT size=2 face=Arial>As
part of the tolls adjustment process, the ACP has established a consultation
period from April 20 - May 21, 2012, during which the ACP will receive formal
written comments, opinions and written requests from interested parties to
participate in the public hearing.&nbsp; The public hearing will be held in
Panama City, Panama, in the ACP&#8217;s &#8220;Ascanio Arosemena&#8221; auditorium on May 23,
2012.</FONT></SPAN></P>
<P dir=ltr><SPAN lang=en-us><FONT size=2 face=Arial>&#8220;The ACP will continue its
dialogue with the industry to develop a pricing structure that meets the needs
of our customers &#8211; one that benefits them and Panama&#8221;, added Alem&#225;n
Zubieta.&#8221;</FONT></SPAN><SPAN lang=en-us></SPAN><SPAN lang=en-us></SPAN></P>
<P dir=ltr><SPAN lang=en-us></SPAN><SPAN lang=en-us></SPAN></P>
<P dir=ltr><SPAN lang=en-us><FONT size=2 face=Arial>For more information, go
to</FONT></SPAN><SPAN lang=en-us></SPAN><SPAN lang=en-us><FONT size=2
face=Arial></FONT></SPAN><SPAN lang=en-us> </SPAN><A
href="redir.aspx?C=9060243ab9694b4495ae02bd082f7403&amp;URL=http%3a%2f%2fwww.pancanal.com%2fpeajes"
target=_blank><SPAN lang=en-us></SPAN><SPAN lang=en-us><U><FONT color=#0000ff
size=2 face=Arial>http://www.pancanal.com/peajes</FONT></U></SPAN><SPAN
lang=en-us></SPAN></A><SPAN lang=en-us></SPAN><SPAN
lang=en-us></SPAN></P></DIV></BODY></HTML>