ACP Reaffirms Its Commitment to Panama Canal Expansion Panama City, Panama, January 2, 2014 The Panama Canal

l Authority (ACP) reaffirms its commitment to successfully complete the Expansion Program to fulfill its objective of offering a new era to world maritime trade

!or the Panama Canal it is of utmost importance that the Expansion Program is completed to better
serve the international maritime community and its customers"# said Panama Canal Administration $orge % &uijano ACP categorically rejects the pressures by contractor 'rupo (nidos del Canal" ) A ('(PC)A) in recent statements" which sole purpose are to force the ACP to negotiate outside the terms established in the contract for the new loc*s alleging over costs and demanding to be provided additional funds from those agreed in the contract '(PC)A" formed by the companies )acyr +allehermoso" ) A ()pain)" ,mpregilo" ) p A (,taly)" $an de -ul 'roup (.elgium) and Constructora (rbana ) A (C()A) (Panama)" is the international consortium in charge of the new loc*s project" one of the components of the Panama Canal Expansion To date" the contractor has not followed the claims and conflict resolution mechanisms established in the contract to support the claims

-o matter what type of pressure is exercised against the ACP" we maintain our re/uest that '(PC)A
respects the contract that they accepted and signed"# said &uijano The ACP reiterated that the only channels to process claims are clearly established in the contract A third party decides two of the three methods established in the contract for the resolution of claims These contractual clauses were accepted by '(PC)A upon signature of the contract The ACP also trusts that the contractor is able to comply with the terms agreed upon under contract The contract includes guarantees that will allow completing the new loc*s 0ith 123 completion" the new loc*s project is at a stage that the construction may be completed with the mechanisms included in the contract" if needed 4verall" the Expansion Program is 563 complete '(PC)A has previously indicate that instead of completing construction on 4ctober 6789" as originally established in the contract" the new loc*s will be finished $une 6782 About the Panama Canal Authority (ACP The ACP is the autonomous agency of the 'overnment 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 .oard of :irectors Please refer to the ACP website; http;<<www pancanal com< or follow us on Twitter =thepanamacanal