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News Release

September 27, 2012

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CANAL EXPANSION FIVE-YEAR UPDATE

News Release Panama Canal Authority September 27, 2012
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<P class=MsoNormal><B><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; FONT-SIZE: 10pt">Panama City, Panama.
September 25, 2012.</SPAN></B><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; FONT-SIZE: 10pt"> &#8211; Five years ago,
the Panama Canal Expansion broke ground at Paraiso Hill and as of August 31,
2012 the program&#180;s advance was estimated at 44.5%.</SPAN></P>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; FONT-SIZE: 10pt"></SPAN>&nbsp;</P>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; FONT-SIZE: 10pt">"The Panama Canal
Expansion Program is moving forward at a good pace.&nbsp; The program has made
positive contributions to Panama&#180;s economy such as direct employment,
investments, knowledge and technological transfer,&#8221; said Panama Canal
Administrator/CEO Jorge L. Quijano.</SPAN></P>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; FONT-SIZE: 10pt"></SPAN>&nbsp;</P>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; FONT-SIZE: 10pt">To date, three of the
four dry excavation projects have been completed and the 4th project reached 67%
through August 31. The dredging of the Pacific and Atlantic entrances and of the
Gatun Lake are advancing as scheduled with progress reaching 92%, 98%, and 76%
respectively.</SPAN></P>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; FONT-SIZE: 10pt"></SPAN>&nbsp;</P>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; FONT-SIZE: 10pt">The locks design and
construction has reached 31%. The locks gates are being fabricated in Italy and
the first four gates should be shipped to Panama during the first quarter of
2013. The last four gates should be in Panama in the first quarter of 2014.
Concurrently the valves are being fabricated in Korea and delivery of valve
components to Panama has been ongoing for some time now and are being
incorporated into the lock structure. The contractor is expected to complete the
main lock structure and begin precommissioning tests in the dry during the first
quarter of 2014, with flooding of the locks and final commissioning then planned
to start in September 2014.</SPAN></P>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; FONT-SIZE: 10pt"></SPAN>&nbsp;</P>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; FONT-SIZE: 10pt">The Panama Canal
Authority is closely monitoring progress on every component of the Expansion
Program to guarantee that contractors comply with the quality required by each
contract.</SPAN></P>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; FONT-SIZE: 10pt"></SPAN>&nbsp;</P>
<TABLE style="BORDER-COLLAPSE: collapse" class=MsoNormalTable border=0
cellSpacing=0 cellPadding=0>
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<TR>
<TD
style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; WIDTH: 245.25pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in"
vAlign=top width=327>
<P style="LINE-HEIGHT: 115%; MARGIN-BOTTOM: 10pt" class=MsoNormal><SPAN
style="LINE-HEIGHT: 115%; FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt">Design
and Construction of the Third Set of Locks</SPAN></P></TD>
<TD
style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; WIDTH: 233.55pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in"
vAlign=top width=311>
<P
style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 6.6pt; MARGIN-RIGHT: 0in"
class=MsoNormal align=center><SPAN
style="LINE-HEIGHT: 115%; FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt"
lang=ES-PA>31%</SPAN></P></TD></TR>
<TR>
<TD
style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; WIDTH: 245.25pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in"
vAlign=top width=327>
<P style="LINE-HEIGHT: 115%; MARGIN-BOTTOM: 10pt" class=MsoNormal><SPAN
style="LINE-HEIGHT: 115%; FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt"
lang=ES-PA>Pacific Access Channel Phase 1</SPAN></P></TD>
<TD
style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; WIDTH: 233.55pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in"
vAlign=top width=311>
<P
style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 6.6pt; MARGIN-RIGHT: 0in"
class=MsoNormal align=center><SPAN
style="LINE-HEIGHT: 115%; FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt"
lang=ES-PA>100%</SPAN></P></TD></TR>
<TR>
<TD
style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; WIDTH: 245.25pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in"
vAlign=top width=327>
<P style="LINE-HEIGHT: 115%; MARGIN-BOTTOM: 10pt" class=MsoNormal><SPAN
style="LINE-HEIGHT: 115%; FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt"
lang=ES-PA>Pacific Access Channel Phase 2</SPAN></P></TD>
<TD
style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; WIDTH: 233.55pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in"
vAlign=top width=311>
<P
style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 6.6pt; MARGIN-RIGHT: 0in"
class=MsoNormal align=center><SPAN
style="LINE-HEIGHT: 115%; FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt"
lang=ES-PA>100%</SPAN></P></TD></TR>
<TR>
<TD
style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; WIDTH: 245.25pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in"
vAlign=top width=327>
<P style="LINE-HEIGHT: 115%; MARGIN-BOTTOM: 10pt" class=MsoNormal><SPAN
style="LINE-HEIGHT: 115%; FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt"
lang=ES-PA>Pacific Access Channel Phase 3</SPAN></P></TD>
<TD
style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; WIDTH: 233.55pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in"
vAlign=top width=311>
<P
style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 6.6pt; MARGIN-RIGHT: 0in"
class=MsoNormal align=center><SPAN
style="LINE-HEIGHT: 115%; FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt"
lang=ES-PA>100%</SPAN></P></TD></TR>
<TR>
<TD
style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; WIDTH: 245.25pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in"
vAlign=top width=327>
<P style="LINE-HEIGHT: 115%; MARGIN-BOTTOM: 10pt" class=MsoNormal><SPAN
style="LINE-HEIGHT: 115%; FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt">Pacific
Access Channel Phase fase 4</SPAN></P></TD>
<TD
style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; WIDTH: 233.55pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in"
vAlign=top width=311>
<P
style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 6.6pt; MARGIN-RIGHT: 0in"
class=MsoNormal align=center><SPAN
style="LINE-HEIGHT: 115%; FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt"
lang=ES-PA>67%</SPAN></P></TD></TR>
<TR>
<TD
style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; WIDTH: 245.25pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in"
vAlign=top width=327>
<P style="LINE-HEIGHT: 115%; MARGIN-BOTTOM: 10pt" class=MsoNormal><SPAN
style="LINE-HEIGHT: 115%; FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt">Dredging
of the Pacific Entrance Navigational Channel</SPAN></P></TD>
<TD
style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; WIDTH: 233.55pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in"
vAlign=top width=311>
<P
style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 6.6pt; MARGIN-RIGHT: 0in"
class=MsoNormal align=center><SPAN
style="LINE-HEIGHT: 115%; FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt"
lang=ES-PA>92%</SPAN></P></TD></TR>
<TR style="HEIGHT: 28.1pt">
<TD
style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; WIDTH: 245.25pt; PADDING-RIGHT: 5.4pt; HEIGHT: 28.1pt; BORDER-TOP: medium none; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in"
vAlign=top width=327>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt">Dredging
for the Deepening and </SPAN></P>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt">Widening
of Gatun Lake and Deepening </SPAN></P>
<P style="LINE-HEIGHT: 115%; MARGIN-BOTTOM: 10pt" class=MsoNormal><SPAN
style="LINE-HEIGHT: 115%; FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt"
lang=ES-PA>of Culebra Cut</SPAN></P></TD>
<TD
style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; WIDTH: 233.55pt; PADDING-RIGHT: 5.4pt; HEIGHT: 28.1pt; BORDER-TOP: medium none; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in"
vAlign=top width=311>
<P style="TEXT-ALIGN: center" class=MsoNormal align=center><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt"
lang=ES-PA>&nbsp;&nbsp;&nbsp;</SPAN></P>
<P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN-BOTTOM: 10pt"
class=MsoNormal align=center><SPAN
style="LINE-HEIGHT: 115%; FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt"
lang=ES-PA>&nbsp;&nbsp;&nbsp;76%</SPAN></P></TD></TR>
<TR>
<TD
style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; WIDTH: 245.25pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in"
vAlign=top width=327>
<P style="LINE-HEIGHT: 115%; MARGIN-BOTTOM: 10pt" class=MsoNormal><SPAN
style="LINE-HEIGHT: 115%; FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt">Dredging
of the Canal Atlantic Entrance</SPAN></P></TD>
<TD
style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; WIDTH: 233.55pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in"
vAlign=top width=311>
<P
style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 6.6pt; MARGIN-RIGHT: 0in"
class=MsoNormal align=center><SPAN
style="LINE-HEIGHT: 115%; FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt"
lang=ES-PA>98%</SPAN></P></TD></TR>
<TR>
<TD
style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; WIDTH: 245.25pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in"
vAlign=top width=327>
<P style="LINE-HEIGHT: 115%; MARGIN-BOTTOM: 10pt" class=MsoNormal><SPAN
style="LINE-HEIGHT: 115%; FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt">Rising
Gatun Lake's maximum operation level</SPAN></P></TD>
<TD
style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; WIDTH: 233.55pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in"
vAlign=top width=311>
<P style="MARGIN-LEFT: 6.6pt" class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt"></SPAN>&nbsp;</P>
<P
style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 6.6pt; MARGIN-RIGHT: 0in"
class=MsoNormal align=center><SPAN
style="LINE-HEIGHT: 115%; FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt"
lang=ES-PA>8%</SPAN></P></TD></TR>
<TR>
<TD
style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; WIDTH: 245.25pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in"
vAlign=top width=327>
<P style="LINE-HEIGHT: 115%; MARGIN-BOTTOM: 10pt" class=MsoNormal><SPAN
style="LINE-HEIGHT: 115%; FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt"
lang=ES-PA>Program&#8217;s total advance </SPAN></P></TD>
<TD
style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; WIDTH: 233.55pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in"
vAlign=top width=311>
<P
style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 6.6pt; MARGIN-RIGHT: 0in"
class=MsoNormal align=center><SPAN
style="LINE-HEIGHT: 115%; FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt"
lang=ES-PA>44.5</SPAN></P></TD></TR></TBODY></TABLE>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt"
lang=ES-PA></SPAN>&nbsp;</P>
<P class=MsoNormal><SPAN class=MsoHyperlink><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; FONT-SIZE: 10pt"><SPAN
style="TEXT-DECORATION: none"></SPAN></SPAN></SPAN>&nbsp;</P>
<P class=MsoNormal><B><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; FONT-SIZE: 10pt">About the Panama
Canal Authority (ACP)<BR><BR></SPAN></B><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; FONT-SIZE: 10pt"></SPAN></P>
<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 visit <A
href="redir.aspx?C=b38ad441e2f841bea6a6563b8aef9971&amp;URL=http%3a%2f%2fwww.pancanal.com%2f"
target=_blank>http://www.pancanal.com/</A>. You can also follow us on Twitter:
<A
href="redir.aspx?C=b38ad441e2f841bea6a6563b8aef9971&amp;URL=http%3a%2f%2ftwitter.com%2fthepanamacanal"
target=_blank>http://twitter.com/thepanamacanal</A>.</SPAN><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'"></SPAN></P>
<P class=MsoNormal>&nbsp;</P>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt"></SPAN>&nbsp;</P></DIV></BODY></HTML>