Canal Expansion Program Progress

Projects Under ExecutionProjects Under ExecutionPacific Access Channel - Phase 1Programmed100%Actual100%0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%7.3 M m 3 excavatedContract Scope: 7.3 Mm 3 , cleaning of 146hectares of MEC and relocation of a 3.6km stretchof Borinquen roadAwarded: July 17, 2007Amount: $40,431,196.00•Contractor passed final inspection•Administrative closure in process•Completed projectMEC MEC 11146 146 Has Hascleaned cleanedBorinquen Borinquen4

Projects Under ExecutionProgrammed100%Pacific Access Channel - Phase 2Actual7.4 M m 3 99.99%excavated 0 10 20 30 40 50 60 70 80 90 100ExcavationContract Scope : 7.5 Mm 3 of excavation,relocation of a 1.3 Km. stretch of Borinquenroad, diversion of a 3.5 Km. stretch of Cocoliriver.Contract Awarded to Cilsa-Minera María in theamount of B/. 25,489,200.30.Award date: November 27, 2007.Pending:Pending:CompletionCompletionofofreforestationreforestationandandrepairrepairworksworks(warranty)(warranty)Repair works at the Diversion Channelfrom station 0K+320 to 0K+400CarreteraBorinquenRío CocoliPAC - 25Projects Under ExecutionPacific Access Channel - Phase 3ProgrammedActual42%51%0 10 20 30 40 50 60 70 80 90 100Awarded: 16-Dec-2008Company: Constructora MECO, S.A.Excavation: 8.0M m 3Clearing of remaining 190 has of UXO3.72 M m 3 excavated190 hectares cleanedPAC 3MEC MEC190 190 Ha Ha140140ELEVACION110805020PAC-2PAC-4PAC-1PAC 39 91108050206+480 6+160 5+840 5+520 5+200 4+880 4+560 4+240 3+920 3+600 3+280 2+960 2+640 2+320 2+000 1+680 1+360 1+040

Projects Under ExecutionPacific Access Channel - Phase 3Northern Phase : 2.09 M m 3Completed on December 31, 2009Projects Under ExecutionPacific Access Channel - Phase 3Southern Phase : 1.6 M m 3January 2010Torre vieja berm27.5 m30 m56 m36 m

Pacific Access Channel - Phase 3Estimated Progress as of January 2009 vs. Programmed Progress700,0009.0600,000500,000495,903496,195478,6498.07.0Monthly Volume (m 3 )400,000300,000200,000100,00043,141298,356344,085348,599414,648391,620407,4593.72Mm 36.05.04.03.02.01.0Accummulated Volume(Mm 3 )00.0Enero-09Febrero-09Marzo-09Abril-09Mayo-09Junio-09Julio-09Agosto-09Septiembre-09Octubre-09Noviembre-09Diciembre-09Enero-10Febrero-10Marzo-10Abril-10Mayo-10Junio-10Julio-10Agosto-10Septiembre-10Octubre-10Noviembre-10Diciembre-10Enero-11Febrero-11Marzo-11Abril-11Mayo-11Programado Monthly Programmed Mensual (Inicio Temprano) Actual Monthly Mensual Actual Programado Programmed Acumulado Accumulated (inicio Temprano) Actual Acumulado AccumulatedProjects Under ExecutionPacific entrance deepening and widening (8.7 M m 3 )Contractual ProgrammedActual45%59%0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%4.88 M m 3 dredged(Sedimentation not include)Awarded: April 1, 2008Company: Dredging InternationalAmount: $ 177,500,676.78Dredging volume: 8.7 M m 3

---Projects Under ExecutionPacific entrance deepening and widening (8.7 M m 3 )Monthly volume in thousands (m3)900850800750700650600550500450400350300250200150100500August 2008September 2008Mont hly ProgrammedMont hly Act uallAccummulated ProgrammedActual Acummulated91116439182116224Octuber 2008November 2008000786774720736438526450568180121155300383300260December 2008January 2009February 2009March 2009April 2009May-09June 2009July 200926016725528August 2009September 2009October 20094.88 M m 311614517469174November 2009December 2009January 20109,5009,0008,5008,0007,5007,0006,5006,0005,5005,0004,5004,0003,5003,0002,5002,0001,5001,0005000Accummulated Volume in thousands (m 3 )Reforestation Projects Under ExecutionPAC-1/ Camino de Cruces National Park (Panama)PAC-2 /Campana National Park (Western Panama)PAC-3/ ANAM Center for Forestry Research (Chiriqui)100%100%94%PAC-3/ Gral. Omar Torrijos National Park (Piedras Gordas – Cocle)94% 94%PAC-2/ Gral. Omar Torrijos National Park (Bajo Grande/Ojo de Agua–Cocle)94%Dredging of the Lake / Volcán Barú National Park (Chiriqui)92%PAC-3/ Chagres National Park (Panama-Quebrada Oscura)90%PAC-2 /Gral. Omar Torrijos National Park (La Rica/Caño Sucio–Cocle)80% Rev. Jan-150 10 20 30 40 50 60 70 80 90 100Volcán Barú30 HaCampana30 HaChagres40 HaCenter for ForestryResearch 50 HaCamino de Cruces115 haGral. Omar Torrijos180 Ha

Projects Under ExecutionDredged Areas in Gatun Lake and Gaillard CutGatun LakeProgrammedActual29%24%0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%Gatun6.8 M m 3 dredgedPeña BlancaBohioBuena VistaBarro ColoradoTabernilla TabernillaSan PabloJuan GrandeMamey MameyGamboaGamboaChagresDredging of Gatun Lake and Gaillard Cut - OPDDredging volumesProgress as of January 2010 vs. Programmed Progress900,0009,500,000800,000700,000Monthly ProgrammedActual AcummulatedMonthly ActualProgrammed Acummulated6,8 Mm38,500,0007,500,000Monthly Volumel (m 3 )600,000500,000400,000300,000200,000100,0000Oct-08Nov-08Dic-08Ene-09Feb-09Mar-09Abr-09May-09Jun-09Jul-09Ago-09Sep-09Oct-09Nov-09Dic-09Ene-10Feb-10Mar-10Abr-10May-106,500,0005,500,0004,500,0003,500,0002,500,0001,500,000500,000-500,000Accummulated Volume (m 3 )

Tabernilla ReachDepth equal or over 16.76m MLLDepth less than 16.76m MLLCondition as of April 15, 2008Reach was completed in September 2009OPD’s work plan for 2010Gatun Lake• Complete San PabloReach. 940,000 m 3 outof 4,477,420 m 3Depth equal or over 16.76m MLLDepth less than 16.76m MLLCondition as of April 15, 2008• Dredge in Mamei Reach112,000 m 3 out of2,768,155 m 3 Condition as of January 05, 2010

D’Lesseps Island300,000 lb = 136 Metric tonsBas Obispo ReachDepth equal o over 16.76m MLLDepth less than 16.76m MLLCondition as of April 15, 2008Condition as of January 05, 2010

Locks Design-BuildDesign

Design Progress• Gates – Submitted preliminary design incorporatedcomments made during the evaluation.• Valves – Submitted preliminary design which is now underreview• Seismic Criteria - design memorandum is being preparedpursuant to issues discussed during the seismic workshop• Excavation – intermediate design of fine excavations insome areas will be submitted in March and May• Electrical Systems – preliminary design will be submittedfor review in February• Mechanical Systems – preliminary design will be submittedfor review in FebruaryHydraulic design progress• Mathematical Model – Submitted preliminary results from3D models for the following components:• Discharge, intake, central connection, basins intake,trifurcation, flow divider, connection to secondaryculvert, ports• Physical Model – Under construction. Built in a way thatallows making adjustments to the model on account ofchanges due to the results from the mathematical model.

Mathematical ModelAnalyzed ComponentsBasins intakeIntakeTrifurcationFlow separatorConnection tosecondary culvertPortsCentral Connection3D Mathematical ModelsIntakeCentral ConnectionPortsConnection toSecondaryCulvertFlow separatorTrifurcationBasins intake

Mathematical ModelResults ExampleUpcoming events related in thehydraulic design• Mathematical Model – Submittal of final report will beApril 2, 2010• Physical Model –– Final review of testing schedule, March 23, 2010– Notifications ACP of the testing program startup, March 25, 2010– Testing startup, April 24, 2010

Recent Activities1. Receipt and review of B/. 300 M Letter of Credit.2. ACP issued B/. 300 M advance payment for mobilization onJanuary 15, 2010.3. ACP has reviewed and accepted the baseline schedule.4. Filling and Emptying System Workshop conducted Dec. 9-10.5. Gates Workshop (Dec. 11) Model is being developed but seismic criteriamust be accepted to be incorporated to the gate design. Documentation onpreliminary valves design was submitted on January 13.6. Seismic Workshop (Dec. 16-17). GUPC continues developing the seismiccriteria for all structures and gates.7. The preliminary design for a portion of dry excavations should be submittedin February.8. Contract documentation related to Communication, Safety and Protection ofFacilities has been submitted. ACP is reviewing it .Recent Activities9. Thirty-four heavy equipment have been deployed on the Pacificside. They are working on grubbing and cleaning activities andpreparing yards for plants. A similar amount of equipment havebeen deployed on the Atlantic side to start dry excavations andpreparing the road to the Montelirio disposal site.10. Plants and equipments: GUPC is closing agreements for rockcrushing equipment, concrete plants, chilling plants, andauxiliary electrical power plants.

Scheduled Workshops– Fenders – February 10 and 11– Concrete – February 18 and 19– Buildings and infrastructure – February4 and 5– Electricity and Controls – 1st week inMarch777F Trucks in Gatun

Clearing – Atlantic LocksGrubbing – Atlantic Locks

Grubbing – Pacific LocksGrubbing – Pacific Locks

Grubbing – Pacific LocksAtlantic entrancedeepening and dredgingVolume:15.6 M m 3Bid announcement:February 27, 2009Field tripApril 29, 2009Preview:April 30. 2009Site research:Started: May 21, 2009(Dredging International)Ended: July 4, 2009Receipt of proposals:September 10, 2009Awarded to:Jan de Nul NVAward date:September 25, 2009Startup date:January 2010Post-award meeting:October 6 and 23, 2009Award amount:B/. 89,617,317Contract end date:April 2013End date proposed Ancho: 225m by Contractor: (740´) ▶ September 2011•Widening: from 198 m to225 m (navigationalchannel)Creation of Turning Areafor PostPanamaxVessels2.305 M m 3 optional work;Total extension:Contract total:Total volume:B/.16,411,60013.8 Km$ 106,028,91717.905 M m 3•Channel width to 218 m(Northern Access Channel)

Ongoing activitiesFauna observation, rescue andrelocationWildlife management, rescue andrelocation plan submitted by subcontractorCODESA was approved byANAM on January 6, 2010.Ongoing activitiesJoint visits by ANAM, CODESAand IARM staff related toecological compensation andwildlife rescue plan

Rented and Contractor’s Heavy-dutyEquipment MobilizationBulldozersArticulated TrucksBackhoesShovelsAssembling Hitachi1900 ExcavatorTechnical visits to floatingequipment: Aida Motor Boat,Reliance Tugboat and IMI-102BargeClearing and grubbingCleaning and grubbing works in Davis,and Mindi and South Tanque NegroInland Disposal Sites

Storage pipes for “Hondius”Cutter Suction Dredgeat Mindi “B”Meetings with Jan De Nul and ACP teams• Post-award and Pre-constructionmeeting.• Weekly meetings.• Specialized meetings: Measurement,safety, environmental, navigationand programme.• Review of Contractor documents(Insurance policies, plans,programme and methodology )byACP specialists.

Upcoming activities• Land survey of dry excavation areas.• Initial bathymetric soundings.• Floating equipment (motor boats, tugboat and bargemobilization and inspection• Startup of dry excavation in areas close to the AccessChannel.• Mobilization of heavy-duty equipment.• Construction of dike at South Tanque Negro Disposal Site.• Construction of access and hauling roads.Pacific Access Channel – Phase 426 M m 3 dry excavationScheduled 5%Actual 5%0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%• Bid announcement: July 31, 2009• Receipt of Proposals: 22-Dec-09• Award: 6-Jan-10• Order to Proceed: 22-Jan-10• Commissioning expected date: 27-Apr-10• (Estimated) works completion date: 2-Aug-13 (1288 days)PAC 4PAC 3PAC 2Borinquen DamPAC 1140140ELEVACION110805020PAC-2PAC-4PAC-1PAC 39 91108050206+480 6+160 5+840 5+520 5+200 4+880 4+560 4+240 3+920 3+600 3+280 2+960 2+640 2+320 2+000 1+680 1+360 1+040

Borinquen DamPacific Access ChannelEnrocadoMiraflores LakeSello de arcillaPacific Access Channel – Phase 4Sheet Pile Acquisition: 74%Shipments1°: 3,663 Tons October 092°: 4,029 Tons November 093°: 3,740 Tons December 094°: 3,928 Tons February 10Total: 15,367 Tons

Pacific Access Channel – Phase 4•Relocation of Pedro Miguel Fire Station.Awarded to Joama Contractor.Order to proceed dated: 4/January/2010Startup date: 4/January/2010End date: 30/Dec/2010.Total days: 360•Relocation of Building 12 in Pedro Miguel.Bid document issued : 29/January/2010Receipt of proposals: 02/Mar/2010•Relocation of utilities within Pedro Miguel locks areas.Designs should be ready by the end of January 2010.•Reforestation of approximately 115 hectares.ANAM evaluation pending for compensation payment.Project under bidding process

Gatun Lake’s Northern Area Dredging Contract4.9 Million m 3From Gatun toBuena Vista ReachPreliminary programme• Bid announcement: November30, 2009• Field trip: January 13, 2010• Pre bid Conference: January 14,2010• Geotechnical studies: January 14through March 9, 2010• Proposals submittal: March 16,2010• Commissioning: September 1,2010 (18 months)Northern reaches dredging contractVolume to dredge = 4.90 M m3Project length = 19.58 kmDeepening -16.76 m. MLLTolerance = 0.60 m.Maximum dredging depth = -17.36m. MLL.Minimum width 304 meters

Future Project to be advertisedDREDGING OF NEW ACCESSCHANNEL NORTH OF PACIFICENTRANCECentenarioBridgeParaíso TownDescription and Scope:• Depening from 27.5m to 9.14m PLD• Design depth = 9.14m PLD• Dredging tolerance = 0.60m• Channel with = 218m• Length = 1.6km• Approx. dredged volume = 4Mm3

NEW ACCESS CHANNEL TO NORTH PACIFIC ENTRANCEPreliminary Bid ProgrammeBid announcement February 12, 2010.Site visit Abril 2010.Receipt of proposals closing date June 1,1 2010.Award July 3, 2010.Mobilization period July 4 – September 30, 2010Note to Proceed October 1, 2010.End September 30, 2012.Notas: Los eventos y fechas son estimados y se confirmarán posteriormente.Administration

Executive Programme for Major Projects Including Baseline and Contingencyas of January 20, 2009*PRELIMINARYActivity% 06 2007 2008 2009 2010 2011 2012 2013 2014Execution 4T 2T 3T 4T 2T 3T 2T 3T 4T 2T 3T 2T 3T 1T 2T 3T 2T 3T 4T 2T 3T 1T 1T 4T 1T 1T 4T 1T 4T 4T 1T 1T 4TLocksLocks Specifications and Models 100%Locks Design-Build