Panama Pacifico overall presentation about the new global business hub and mixed-use community being developed on the prior U.S: Air Force Base in the Republic of Panama, adjacent to the Panama Canal and Panama City.

1. THE OLD HOWARD IS NOW A NEW CITY!

2. PANAMA CITY PANAMA CANAL TOWN CENTER KOBBE HILLS AIRPORT PACIFIC OCEAN

4. A new economic center, attracting multinational companies and creating jobs for Panamanians.

5. A sustainable community with housing available for a wide economic group.

6. High-quality shopping, offices and entertainment in a new downtown area – The Town Center.

7. A distinguished tourism and leisure attraction with resorts, a championship golf course, and country club. …All set within the ecologically inspired landscape of hills, forest, mangrove and wetlands. CLEAN GREEN NEW

8. A FORMER AIR FORCE BASE Operated as Howard U.S. Air Force Base until 1999 Returned to Panama as part of the Carter-Torrijos Treaty at the end of 1999 Law 41 of 2004 formed the Special Economic Zone Government hired the World Bank to perform a 2 ½ year search for a Master Developer LRP was awarded the bid in April 2007 Master plan was submitted in Sept. 2007; Approved in Dec. 2007 Project team began work in January 2008

10. Leading Latin American-based entrepreneur and investor Jaime Gilinski has interests from banking and insurance to real estate and other fields.

11. London & Regional Properties is among the most active European private investors with over $20 billion in assets located across three continents.

12. Backed by a team of world-class consultants

13. London & Regional Panama has committed to invest a minimum of $705 million

14. $405 million by 2015

17. Economic and political stability

18. A pro-business government

19. Established strategic and trading history

20. The strategic advantage of the Panama Canal

22. The strength of the global commerce in Panama

23. 5% of the world´s commerce traverses the Panama Canal annually

24. The railway land bridge between ports in the Atlantic and the Pacific Oceans moves >500,000 containers per year

25. Panama is a central logistics point for Latin America

26. An international center of 87 banks with assets of >$80 billion

28. Unemployment (Aug/08): 5.6%

29. Literacy rate (2006): 97.3%

30. Fitch credit rating (2007): BBB

31. Average minimum salary per month (2007): $312

32. Average salary per month (2006): $500 estimated.Source: Business Panama • www.contraloria.gob.pa

33. THE IDEAL LOCATION FOR BUSINESS

34. BEST CONNECTIVITY IN LATIN AMERICA

35. PANAMA PACIFICO 1,400 HECTARES

37. An Economic Engine for new direct Foreign Investment into Panama

38. Site Characteristics

39. Large, integrated site

40. Mixed-use community

41. Policy Features

42. Very low or no taxes

43. Simplified procedures

44. Flexible zoning, land useTransport & Logistics Industrial Park High Tech Manufacturing MROs and Aviation Residential Tourism Information & Communications Technology

46. Logistics Park

47. Town Center

48. Technology Campus

49. Farfán

50. Forest Business Park

53. Thisincludesallpermitsneededforbusinessprocesses.

55. Flexibility to assign employees’ day off

56. Companies may remain open on weekends and holidays

57. Foreign worker: possibility of exceeding Labor Code’s percentage rule

58. Higher Education Training Center

59. New justified cause for termination for market losses and/or fluctuations

62. Law 41 issupplementedbyPanama’s Investment StabilityLaw

63. Onsitecompanies are automaticallycovered

64. Guarantees no businessimpactfromgovernmentchangesfor ten yearsafterregistering a companyhere, including:

65. Company tax structure

66. Companybenefits

68. Direct taxes are paid by all companies except those established by Tax Law 41 of 2004 as “Specific Business Activities”

69. Income

70. Dividend/Complimentary

73. $26M in infrastructure

74. $40M in International Business Park

75. $20M in PanAmericaCorporate Center

76. $16M in Town CenterOver $100 million investment this year!

78. 3PL Panamericana

79. Aggreko PLC

80. Albacrome

81. Cabo Drilling Corp.

82. CBRE

83. CODICO/CoTrans

84. Gianfranco Agency

85. Magen David Academy

86. MEC Group

87. Osala

88. Radio Holland

89. Universidad del Caribe

90. Wilhelmsen

92. With the Sierra Miñon Mountains as a backdrop, Panama Pacifico isgreen, beautiful place tolive and work

94. PanAmerica Corporate Center

96. Adjacent to the new Town Center

98. 14 Class-A office buildings with more than 80,000 m2

99. 2 Flex buildings totaling 20,000 m2

100. Construction has begun

102. UNDER CONSTRUCTION NOW! TWO NEW OFFICE BUILDINGS TWO NEW MULTI-TENANT FLEX BUILDINGS

104. Built to international standards

105. Three and four stories

106. Building A: four 1,200 m2floors

107. Building B: three 1,800 m2 floors

108. Highly divisible and flexible

109. 3 m ceiling heights

110. Extensive glass line – double pane glass

111. Parking › 3 per 100 m of office

112. Covered executive parking

113. Green park areas

116. Two buildings

117. Constructed to international standards

118. Building one ~ 12,395 m2, 9 m clear height

119. Building two ~ 8,786 m2, 7.3 m clear height

120. Highly divisible and flexible

121. Individual office entries

122. Ample truck docks and drive-in doors

124. New Flex-Warehouse Buildings at the IBP

125. Western SERVICE Road Western Service Road behindthe new IBP

126. PARKING AT THE IBP Paving of thefront parking lot by theFlex-Warehousebuildings

127. IBP - HYDROSEEDING Treatmentforerosion control.

129. Western Perimeter Rd.

130. Upgrades to Bruja Blvd.

131. Extensive road network

132. Underground electricity

133. Water lines

134. Telecommunications

136. CENTRAL CONNECTOR ROAD DrainagesysteminstallationalongCentral Connector Road

137. WESTERN PERIMETER ROAD Road base and paving work continues

138. WESTERN PERIMETER ROAD Usage of geotextile

139. WESTERN PERIMETER ROAD Pavingoperationscontinueonthe new roadtothe PCC

141. LRP Transportation Demand Program

142. Walk-able streets will relieve vehicle traffic

143. Onsite airport for private and charter executive travel

144. Pedestrian friendly streets with sidewalks, street trees, and lighting.

145. Residences and offices will be a five minute walk to parks.

148. Entitled for more than 370,000 m2 of warehousing and manufacturing facilities

149. Facilities from 2,000 to 50,000 m2

150. Construction has begun!

151. Flexible site and building design

152. State-of-the-art warehouse and corporate architecture

153. Ample truck maneuvering areas on each site

154. Single and multi-user buildings available

156. PANAMERICA CORPORATE CENTER New drainagesystemsalongwiththe new roadwork

157. PANAMERICA CORPORATE CENTER StreetBasecoat -- PCC

158. 50 PCC SOUTH SITE UNDER CONSTRUCTION Spec #2 Spec #3 3PL Spec #4

159. THE HEART OF THE CITY: TOWN CENTER An easy walk from your office Dining and shopping Convenient for youremployees

160. THE TOWN CENTER Central Park

161. THE TOWN CENTER Lots of greenareas and plazas

162. THE TOWN CENTER Central Park view to the South

164. ~ 72 Apartments above Retail

166. TOWN CENTER: MIXED-USE – APARTMENTS ABOVE RETAIL

167. FIRST PHASE: MIXED-USE - TOWNHOMES

168. ADJACENT TO THE POOL AND CINEMA FutureMixed-Use Cinema and Pool Plaza Future Hotel Greenway

169. TOWN CENTER: RESIDENTIAL AREA – PHASE 1 View of new single-familyneighborhoodstreetscape

170. TOWN CENTER: RESIDENTIAL AREA – PHASE 1 Conceptual design of single-family residences and duplex

171. PUBLIC SPACE NETWORK Fingerparks Greenways

172. KOBBE HILLS Privileged living in balance with nature…

173. KOBBE HILLS An exclusive area with high-end hotels, a championship golf course and luxury homes.

174. KOBBE HILLS Gorgeous greens…

175. KOBBE HILLS Luxury homes…

176. KOBBE HILLS Elegant condominiums…

177. KOBBE HILLS For those with discriminating taste…

178. KOBBE HILLS Exclusive residences…

179. KOBBE HILLS An exciting club house…

180. SIMILAR IN SIZE TO ALL OF COSTA DEL ESTE

182. All utilities available now

183. electricity

184. water

185. wastewater

186. telecommunications

187. high-speed internet

188. Special Economic Zone with substantial tax breaks and business incentives

189. Excellent global business location

190. Easy access to Panama City and the Panama CanalFlexible spaces for your business to grow!

192. New offices and commercial space

193. New schools for all ages

194. Championship golf course

195. Exciting shopping and dining experiences

196. Numerous parks

197. Extensive trails for walking and biking

199. COPYRIGHT This presentation and the information included within it is the exclusive property of London & Regional (Panama), S.A. and is a protected work under copyright laws. Any act of reproduction, modification, distribution and/or public communication, without the prior written consent of London & Regional (Panama), S.A., is subject to the civil, criminal and administrative actions contemplated by Law.