Panama Ports Company Clarification on Reuters Story

PANAMA CITY, Panama--(Business Wire)--
Panama Ports Company (PPC) would like to clarify that there was no
strike by the crane operators working at the Ports of Balboa and
Cristobal.

On 2 September, Reuters published a story entitled "Panama ports
strike ends, canal traffic normal", in which it said the crane
operators and harbor towage workers at Ports of Balboa and Cristobal
had gone on strike.

The story has subsequently been partially corrected on 4
September.

Nevertheless, we wish to present the following clarification in
case any potential or unnecessary confusion has been created by the
Reuters report:

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*T
1.) There was no labor strike at PPC's container terminals. In fact,
PPC has excellent relations with its work force.
2.) According to the report, the tug boat company official confirmed
there was a strike by its tug boat workers.
3.) The tug boat workers' strike had no impact on PPC's terminal
operations as the Panama Canal provided the tug boat service
during the four hours of the strike.
4.) Since there was no strike by the crane operators at PPC, there was
contrary to the report no backlog in loading and unloading of
containers at the PPC container terminals.
*T

Notes to Editor:

PPC operates the Ports of Balboa and Cristobal located at each end
of the Panama Canal, serving as major hubs for the Atlantic and
Pacific trade routes. The Ports are equipped with comprehensive
facilities for handling containers, general cargo, bulk cargo and
passenger vessels.

PPC has started construction work on the Phase IV development of
Balboa Mega Port. The expansion project will provide the Port of
Balboa with over 2,000 metes of quay length with 16 metres of draught.
Also, PPC has commenced the US$200 million Phase I development plan at
the Cristobal Container Terminal. The project will provide the
Cristobal Container Terminal with over 2,000 metres of quay length
with 16 metres of draught. In 2007, PPC handled 2 million TEU, an
increase of 59 percent from the previous year.

PPC is a member of the Hutchison Port Holdings (HPH) Group, a
subsidiary of the multinational conglomerate Hutchison Whampoa Limited
(HWL). HPH is the world's leading port investor, developer and
operator with interests in 24 countries throughout Asia, Middle East,
Africa, Europe and the Americas and Australasia. Today, HPH operates a
total of 47 ports together with a number of transportation related
service companies.

PPC
Alejandro Kouruklis
General Manager
+507-232-6025
mercadeo@ppc.com.pa

Copyright Business Wire 2008