A Tribunal of the International Court of Arbitration of the International Chamber of Commerce (ICC), with headquarters in Paris, comprised by three arbitrator appointed by said Court, rejected through a final arbitration award, already executed, all the claims formulated by Astilleros Braswell International S.A., against Panama Ports Company and the Maritime Authority of Panama.

Astilleros Braswell, as concessionaire of the shipyard, located at Balboa, Republic of Panama dedicated to repairs of vessels in dry dock or afloat, claimed US$25,000,000.00 for damages, plus interest, costs and expenses, from Panama Ports Company and the Maritime Authority of Panama. The plaintiff alleged non-compliance of obligations supposedly assumed by the defendants, mainly arising from the granting by the Panamanian State in 1997 to Panama Ports Company, S.A, a subsidiary of Hutchison Port Holdings, of the Concession Agreement for the development, construction, operation, administration and management of the Port of Balboa, in the Pacific and of Cristobal in the Atlantic; and the beginning of operations of said company in the Port of Balboa.

Morgan & Morgan acted as representative of Panama Ports Company, S.A. during these arbitration proceedings that began in 2005, which defense had the participation of its partners, Enrique Jiménez and Simón Tejeira, and José Carrizo as associate; obtaining a favorable ruling for their client.