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Panama, 6 March 2026 Panama Ports Company, S.A. ("PPC") advises that it has taken additional legal actions against the illegal takeover by the Panamanian State of the ports of Balboa and Cristobal in Panama on and after 23 February 2026. In addition to the State campaign carried out over the past year, the unlawful actions and words of the Panamanian State have led foreign investors to be unable to rely on laws and contracts, or on the statements by the State. Therefore, PPC, and CK Hutchison Holdings Limited ("CK Hutchison"), continue to take additional steps to protect and pursue their rights and damages. • PPC already filed an international arbitration against the Republic of Panama under the rules of the International Chamber of Commerce seeking at least US$ 2 billion in damages, a figure that has been misstated by the Panamanian State in press comments. • PPC filed a recourse related to Executive Decree No. 23 dated 23 February 2026 based on its extreme scope mandating the taking of all property of PPC, including expansive property and equipment at the port terminals as well as proprietary and legally protected documents and information. The recourse also challenges the Panamanian State's corresponding radical implementation of the Decree, and the seizure and misuse of PPC property unrelated to port operations. • PPC filed a further request with the Panama Maritime Authority demanding immediate access to and return of PPC's proprietary and legally protected documents and information. The foregoing was requested as a result of the Panamanian State's unlawful seizure of documents of PPC, a private entity, held at a private storage facility, based on the Panamanian State's faulty assertion that the documents were relevant to the transfer of port operations, and despite a lack of valid court authorization. • PPC has been advised that CK Hutchison submitted a supplement to its previous notice of dispute under a bilateral investment treaty, highlighting that the Panamanian State disregarded prior communications and consultations over time, and further good faith efforts to consult, and instead, without transparency, took over the ports as well as the property and personnel of PPC. These steps by PPC and CK Hutchison follow the year-long campaign by the Panamanian State, the lawless steps by the State over the past month based on an unpublished court ruling, the extreme executive mandates and implementation of the takeover of the terminals of the ports, the taking of the property and personnel of PPC, and the repeated inaccurate statements made by public officials in the press and otherwise. As PPC has advised in prior statements, the conduct of the Panamanian State is inconsistent with applicable law, contract, and treaty rights. They are also inconsistent with the longstanding position of the State over almost three decades. These are some of the steps that PPC, and CK Hutchison, have taken in recent days. They will not relent and they are not coming for some token relief – they will assert all of their rights and damages they are due because of the radical breaches and anti-investor conduct of the Panamanian State. PPC, and CK Hutchison also permanently reserve all rights and recourse against the State, its agents, and third parties. Statement from Panama Ports Company, S.A. (PPC) Panama, 3 February 2026 Panama Ports Company S.A. (PPC) advises that it commenced arbitration against the Republic of Panama on 3 February 2026 pursuant to the applicable concession contract and the Rules of Arbitration of the International Chamber of Commerce. The commencement of arbitration by PPC follows a campaign by the Panamanian State specifically targeting PPC and its concession contract spanning a year that has been marked by a range of abrupt actions by the Panamanian State culminating in grave and imminent further damage to PPC, while similar port sector contracts have not been targeted. The arbitration also follows extensive efforts by PPC spanning a year to consult and avoid disputes. While diligently carrying out port operations and cooperating with the Panamanian State in many ways, PPC also has consistently advised through diverse communications its concerns regarding the State campaign as it has unfolded and sought clarity and consultations to avoid the necessity of arbitration, to no avail. Instead, over the past year, since the start of the present year, and even through recent days, the Panamanian State routinely disregarded communications, efforts to consult, and requests for clarity. The arbitration is based on the concession contract and legal framework that have been enshrined over almost three decades as a "contract-law," providing legal certainty and long-term respect for the applicable legal and contractual framework. The Republic of Panama has breached the applicable Contract and law. PPC seeks extensive damages based on an assessment of relevant financial data, subject to prompt resolution, and such other requests for relief as may prove necessary. PPC and its investors continue to permanently reserve all rights. As a backdrop to the arbitration, and in addition to the other aspects of its campaign, over the past year, the Panamanian State choose to reverse its longstanding positions regarding the legal and contractual framework, breached its obligations under the contract, and commenced, pursued, and/or supported legal proceedings aimed at destroying the concession contract, which was the result of a transparent international bidding process. As PPC has advised, the Judicial Branch of the Republic of Panama issued an irregular press statement after the closure of the Supreme Court of Justice on the night of 29 January 2026, regarding a ruling to declare Law No. 5 of 16 January 1997 unconstitutional, among other relevant laws and instruments. Such an outcome is diametrically opposed to previous decisions issued by the Supreme Court regarding contracts similar to the PPC contract. The court ruling has not yet been published or become effective. Since early on the morning after the judicial press release, the Panamanian State declared and broadly deployed steps to take over the operations of PPC. With various references to the unpublished court ruling, the steps taken by the State have included unexpected site visits and instructions that PPC, a private company, provide unrestricted access to physical, commercial, and intellectual property and information, as well as to employees, on the basis that the State is "systematizing and executing" a port transition "plan" through "coordinated actions" of State authorities. PPC has continued to manage port operations and respectfully interact with State representatives, including requesting access to the referenced plan and opportunities to consult and coordinate. As PPC has highlighted, PPC and its investor have invested extensively in infrastructure, technology, and human development, an amount multiple times the investment made by any other port operator in the country. These investments have generated thousands of direct and indirect jobs and have been determinant in establishing Panama as a globally recognized port and logistics hub, attracting the world's leading shipping lines and generating positive impact for the entire nation. Despite recent developments, PPC strongly reiterates its invitation to the Panamanian State for clarity and consultations to resolve this matter. Statement from Panama Ports Company, S.A. (PPC) Panama, 29 January 2026 Panama Ports Company S.A. (PPC) takes note of the statement issued this evening by the Judicial Branch of the Republic of Panama stating that the Supreme Court of Justice has decided to declare Law No. 5 of 16 January 1997 unconstitutional, among other relevant laws. While PPC has not yet been notified of such decision, the decision is inconsistent with the relevant legal framework and the law that approved the contract which has been the basis for PPC's operations at the ports of Balboa and Cristobal for nearly three decades, based on the referenced statement and assessment by counsel of the referenced proceedings. This is the latest development in a campaign by the Panamanian State impacting PPC and its investor over more than a year, including a range of surprise actions targeting the Concession and PPC. Over 28 years of operation, PPC and its investor have invested more than USD 1.8 billion in infrastructure, technology, and human development - an amount multiple times the investment made by any other port operator in the country. These investments have generated thousands of direct and indirect jobs and have been determinant in establishing Panama as a globally recognized port and logistics hub, attracting the world's leading shipping lines and generating positive impact for the entire nation. The PPC concession contract was the result of a transparent international bidding process. From that time, PPC has complied with its contractual and legal obligations, including audits conducted by the State, always acting with complete transparency and a full willingness to cooperate. The new ruling, based on available information, lacks legal basis and jeopardizes not only PPC and its contract, but also the well-being and stability of thousands of Panamanian families who depend directly and indirectly on port activity, but also the rule of law and legal certainty in the country. The ruling is diametrically opposed to previous decisions issued by the Supreme Court regarding contracts similar to the PPC contract. The campaign by the Panamanian State against its own legal and contractual framework, and a diligent concessionaire and investor, continue to undermine the reputation of Panama as a reliable jurisdiction and its position as a globally competitive logistics center. Institutional and legal stability and respect for contracts are fundamental pillars for sustainable development and the rule of law. PPC reiterates its commitment to Panama, its workers, the communities of Balboa and Colon, and all stakeholders, as reflected in its ongoing cooperation with the State despite the developments of the past year. Due to the campaign affecting PPC and its investors, the company and its investors continue to permanently reserve all rights including recourse to national and international legal proceedings. PPC and its investors have always sought cooperation with the Panamanian State and reiterate their call for respectful coordination and consultation to avoid disruption and protect the concession that has provided high-quality services for the benefit of Panama and the world. Panama Ports Company, S.A. press release 
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