AUTORIDAD DEL CANAL DE PANAMÁ EXECUTIVE VICE PRESIDENCY FOR OPERATIONS 3654-A (OPXI) v. 3-2-2011 ADVISORIES ARE AVAILABLE AT http://www.pancanal.com FOR ETAS OR DIRECT COMMUNICATION WITH OUR OFFICES, REFER TO NOTICE N-3-2014 ADVISORY TO SHIPPING No. A-02-2015 January 6, 2015 TO : All Shipping Agents, Owners, and Operators SUBJECT: Proposal to Modify the Panama Canal Tolls Structure On December 24 th , the Board of Directors of the Panama Canal Authority (ACP) approved a proposal to modify the Panama Canal tolls structure and the regulations for the admeasurement of vessels in order to establish the rates that will apply for the use of the new neopanamax locks currently under construction, as well as the rates that will apply to vessels transiting through the panamax locks. This proposal has been the subject of extensive informal consultation with associations and groups representing the users of the waterway and incorporates the utilization of the new measurement units adapted to the various market segments that use the Panama Canal. As a result, the proposal includes the adoption of measurement units such as deadweight ton, metric ton and cubic meter for calculating tolls, depending on the type and size of the vessel, and the introduction of incentive initiatives for the full container, dry bulk, gas carriers and vehicle carriers/Ro-Ro segments. More than two years ago, the ACP made public its commitment to announce the proposed toll changes at least one year prior to the date of commencement of operations of the new neopanamax locks, which will allow the transit of vessels with 366 meters (1200 feet) in length, 49 meters (160 feet) in width and 15.24 meters (50 feet) in draft. To date, the progress for the expanded Canal registers at 83 percent, with a projection to commence the transiting of neopanamax vessels up to 170,000 DWT by 2016. The beginning of the consultation process including the public hearing will ensure our users have the relevant toll information with sufficient time to plan any adjustments to their business models and the deployment of neopanamax vessels to coincide with the opening of the neopanamax lock. This permits maximizing their opportunities with the expanded Canal. The new proposed structure will become effective April 1, 2016, regardless of whether commercial transits have begun through the new neopanamax locks. However, in the event that commercial transits through the neopanamax locks begin prior to April 1, 2016, the new pricing structure will apply from the date determined by the Board of Directors, and published in the Panama Canal Record, but not before February 1, 2016. The proposal includes two additional market segments that open the waterway to markets and routes that have traditionally not been able to use the panamax locks due to the dimensions of their vessels, such as liquefied natural gas (LNG) carriers. Also proposed is a new “Intra Maritime Cluster” segment for vessels that provide local services in Panama, such as local tourism, marine bunkering and container OP, transshipment, but do not compete with international trade for which the Canal provides AUTORIDAD DEL CANAL DE PANAMÁ EXECUTIVE VICE PRESIDENCY FOR OPERATIONS 3654-A (OPXI) v. 28-01-2011 January 6, 2015 Subject: Proposal to Modify the Panama Canal Tolls Structure services. However, the price and structure of the new "Intra Maritime Segment" will become effective April 1, 2015. The designated rates for the neopanamax locks will be