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58 2 0 1 5 A N N U A L R E P O R T PANAMA CANAL EXPANSION PROJECT Project Update as of December 21, 2015 On December 21, 2015, at an industry event in Panama City, the Panama Canal Authority (ACP) announced that the first-ever expansion is 96 percent complete. ACP CEO/Administrator Jorge L. Quijano provided a next-step update covering key points that will ensure that the expansion project is completed. Remainder of Expansion to be Completed • Locks reinforcements are scheduled to be completed 2016 • Testing of locks reinforcements and additional testing will occur • In April, transit trial tests with a chartered vessel in the Atlantic locks will occur (following conversations with GUPC) • A date for the expansion's inauguration will then be selected (expected to be in the second quarter of 2016) • Subsequently, the commercial opening date will be selected, and will be scheduled soon after the inauguration The ACP is building the expanded Canal for the long haul, and quality and testing are critical. The ACP will continue to provide updates on the project as more progress and information is made available. Commenting further, Mr. Quijano expressed his anticipation of the imminent completion of this project. "We are very close—only four percent remains to complete the project," Quijano said. "An expansion of the Panama Canal has never been done and we should all feel very good about where we are today." "After a successful year, we look forward to being able to provide the benefits of the new Canal to our customers and the people of Panama." Background Work on the Canal Expansion began in September 2007 at a total cost of $5.2 billion USD. The expansion is the largest project at the Canal since its original construction in 1904. Facts courtesy of Canal de Panamá www.PanCanal.com 2015 INDUSTRY HAPPENINGS (continued)

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