ÿþ<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> <html><head> <meta http-equiv="Content-Type" content="text/html; charset=windows-1251"> <meta http-equiv="Content-Type" content="text/html; charset=windows-1251"><meta content="Microsoft FrontPage 4.0" name="GENERATOR"></head><body> <table border="0" cellpadding="0" cellspacing="0" width="760"> <tbody> <tr> <td><img src="panama.gif" vline="60" align="left" border="1" width="86" height="60"> </td> <td><a name="anchor100"> </a><h1><a name="anchor100">0=0<0 - 187=5A </a></h1> </td></tr> </tbody></table> <table border="1" cellpadding="1" cellspacing="1" width="770"> <tbody> <tr> <td style="padding: 2.25pt; background: lightgreen none repeat scroll 0% 0%; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial;" bgcolor="#008888" width="140"> <div><b><font color="blue" size="-1" face="MS Sans Serif"><a href="#anchor0">1I ?@53;54</a></font></b></div></td> <td style="padding: 2.25pt; background: lightgreen none repeat scroll 0% 0%; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial;" bgcolor="#008888" width="140"> <div><b><font color="blue" size="-1" face="MS Sans Serif"><a href="#anchor2">05B>AB </a></font></b></div></td> <td style="padding: 2.25pt; background: lightgreen none repeat scroll 0% 0%; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial;" bgcolor="#008888" width="140"> <div><b><font color="blue" size="-1" face="MS Sans Serif"><a href="#anchor4">$8@<8</a></font></b></div></td></tr></tbody></table> <table bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" width="770"> <tbody> <tr> <td bgcolor="#ffffff" valign="top" width="140"> <table border="0" cellpadding="2" cellspacing="0" width="155" height="919"> <tbody> <tr> <td valign="top" height="0%"> <table border="1" cellpadding="4" cellspacing="0" width="120"> <tbody> <tr> <td bgcolor="#e8e8e8"><font color="#000066" size="-1" face="MS Sans Serif"><b> C1@8:8</b></font></td></tr> <tr> <td><font color="#000066" size="-1" face="MS Sans Serif"><a href="#anchor0">1I ?@53;54</a></font><br><font color="#000066" size="-1" face="MS Sans Serif"><a href="#anchor2">05B>AB</a></font><br><font color="#000066" size="-1" face="MS Sans Serif"><a href="#anchor4">$8@<8</a></font></td></tr></tbody></table> <table border="1" cellpadding="4" cellspacing="0" width="120"> <tbody> <tr> <td bgcolor="#e8e8e8"><font color="#000066" size="-1" face="MS Sans Serif"><b><a href="http://www.europe-made.com/adv_bg.htm"> 5:;0<8@09B5 BC:</a></b></font></td></tr> <tr> <td><font color="#000066" size="-1" face="MS Sans Serif"><a href="http://www.europe-made.com/adv_bg.htm">86B5 =0H8B5</a></font><br><font color="#000066" size="-1" face="MS Sans Serif"><a href="http://www.europe-made.com/adv_bg.htm">@5:;0<=8 B0@8D8!</a></font><br><font color="#000066" size="-1" face="MS Sans Serif"></font></td></tr></tbody></table> </td> <td valign="top"> <table align="right" border="0" cellpadding="0" cellspacing="0" width="520"> </table><font color="#000066"> <div align="left"> <h3><a name="anchor0">1I ?@53;54</a></h3></div></font> <div align="right"> <h5><u>0=0<0 - 187=5A -- 1I ?@53;54</u></h5></div> <div align="center"> <p align="justify"> 564C=0@>4=8OB 187=5A 2 A25B>25= <0I01 >B402=0 5 ?@54?>G5; 0=0<0 :0B> >A=>2=0 AB@0=0 70 >DH>@=8B5 >?5@0F88. 0 @07;8:0 >B <=>3> 40=JG=8 C1568I0 2 0@81A:> <>@5, :J45B> :><?0=88B5 AJI5AB2C20B A0<> =0 E0@B8O, 0=0<0 =5 5 A0<> 28@BC0;5= 40=JG5= @09, 0 <=>3> ?>25G5 8AB8=A:8 F5=BJ@ =0 <564C=0@>4=8B5 D8=0=A8 8 BJ@3>28O. 0=0<0 5 4><0:8= =0 2B>@0B0 =09-3>;O<0 7>=0 70 A2>1>4=0 BJ@3>28O 2 A25B0, :0:B> 8 >A=>25= 10=:>2 F5=BJ@ A =04 100 10=:8 8 4>25@5=8 :><?0=88. 09-3>;5<8OB :>@015= @538ABJ@ 2 A25B0 <>65 40 1J45 =0<5@5= 2 0=0<0 8, @0718@0 A5, 0=0<A:8O :0=0;, A B@0=A?>@B=0 459=>AB, ?@54AB02;O20I0 5% >B FO;0B0 BJ@3>28O 2 A25B0. </p> <h3><a href="#anchor100">0G0;></a>*** <a href="america_bg.htm"><5@8:0</a></h3><br> <font color="#000066"> <div align="left"> <h3><a name="anchor2">05B>AB </a></h3></div></font> <div align="right"> <h5><u>0=0<0 - 187=5A -- 05B>AB</u></h5></div> </div><table> </table> <center> <table border="1" cellpadding="2" cellspacing="2"> <caption align="top"><font size="2"><i>5A5BB5 =09-@0728B8 >B@0A;8 2 0=0<0 :J< 2007 </i></font></caption> <!--***** Start of row 1 *****--> <tbody><tr> <td align="center"><big><b> 0=3</b></big></td> <td align="center"><big><b>B@0AJ;</b></big></td> <td align="center"><big><b>5G0;10 :J< 2007 (2 <8;8>=8 4>;0@8)</b></big></td> </tr> <!--***** Start of row 2 *****--> <tr> <td align="center">1</td> <td align="center">"@0=A?>@B, A:;048@0=5 8 :><C=8:0F88</td> <td align="center">3,427.2</td> </tr> <!--***** Start of row 3 *****--> <tr> <td align="center">2</td> <td align="center"> 542868<8 8<>B8, >B4020=5 ?>4 =05<, ;878=3, ?@>D5A8>=0;=8 8 187=5A CA;C38</td> <td align="center">2,583.3</td> </tr> <!--***** Start of row 4 *****--> <tr> <td align="center">3</td> <td align="center">"J@3>28O =0 54@> 8 4@51=></td> <td align="center">2,465.1</td> </tr> <!--***** Start of row 5 *****--> <tr> <td align="center">4</td> <td align="center">$8=0=A>20 8 70AB@0E>20B5;=0 459=>AB</td> <td align="center">1,416.3</td> </tr> <!--***** Start of row 6 *****--> <tr> <td align="center">5</td> <td align="center">@028B5;AB25=0 459=>AB</td> <td align="center">1,272.7</td> </tr> <!--***** Start of row 7 *****--> <tr> <td align="center">6</td> <td align="center">0=JF8 <8=CA AC1A8488</td> <td align="center">1,133.2</td> </tr> <!--***** Start of row 8 *****--> <tr> <td align="center">7</td> <td align="center">@>872>4AB25=0 459=>AB</td> <td align="center">1,125.7</td> </tr> <!--***** Start of row 9 *****--> <tr> <td align="center">8</td> <td align="center">!B@>8B5;A2B></td> <td align="center">846.9</td> </tr> <!--***** Start of row 10 *****--> <tr> <td align="center">9</td> <td align="center">!5;A:> 8 3>@A:> AB>?0=AB2>, ;>2</td> <td align="center">700.2</td> </tr> <!--***** Start of row 11 *****--> <tr> <td align="center">10</td> <td align="center">@C38 >1I5AB25=8 CA;C38 >A25= ?@028B5;AB25=8B5</td> <td align="center">499.8</td> </tr> </tbody></table> <h3><a href="#anchor100">0G0;></a>***<a href="america_bg.htm"><5@8:0</a></h3> <br><font color="#000066"> <div align="left"> <h3><a name="anchor4">$8@<8</a></h3></div></font> <div align="right"> <h5><u>0=0<0 - 187=5A -- $8@<8</u></h5></div> </center> <center> <table border="1" cellpadding="2" cellspacing="2"> <caption align="top"><font size="2"><i>09-3>;5<8 D8@<8 2 0=0<0</i></font></caption> <!--***** Start of row 1 *****--> <tbody><tr> <td align="center"><big><b></b></big></td> <td align="center"><big><b>><?0=8O</b></big></td> <td align="center"><big><b>@>40618 2008 (<8;. $)</b></big></td> <td align="center"><big><b>>@9 @01>B5I8</b></big></td> </tr> <!--***** Start of row 2 *****--> <tr> <td align="center">1</td> <td align="center">Willbros Group, Inc.</td> <td align="center">1,912.7</td> <td align="center">6,512</td> </tr> <!--***** Start of row 3 *****--> <tr> <td align="center">2</td> <td align="center">Copa Holdings, S.A.</td> <td align="center">1,288.8</td> <td align="center">4,535</td> </tr> <!--***** Start of row 4 *****--> <tr> <td align="center">3</td> <td align="center">Banco Latinoamericano de Exportaciones, S.A.</td> <td align="center">76.8</td> <td align="center">-</td> </tr> <!--***** Start of row 5 *****--> <tr> <td align="center">4</td> <td align="center">Banco Internacional de Costa Rica, S.A.</td> <td align="center">54.4</td> <td align="center">-</td> </tr> <!--***** Start of row 6 *****--> <tr> <td align="center">5</td> <td align="center">Grupo Cervecería Nacional de Panamá</td> <td align="center">-</td> <td align="center">2000</td> </tr> <!--***** Start of row 7 *****--> <tr> <td align="center">6</td> <td align="center">Compañía Panameña de Aviación, S.A.</td> <td align="center">-</td> <td align="center">-</td> </tr> </tbody></table> <h3><a href="#anchor100">0G0;></a>*** <a href="america_bg.htm"><5@8:0</a></h3><br> </center> </td></tr></tbody><tbody></tbody></table></td> <td valign="top"> <table border="0" cellpadding="0" cellspacing="0"> <tbody> <tr> <td> <table border="1" cellpadding="4" cellspacing="0" width="120"> <tbody> <tr> <td bgcolor="#e8e8e8"><font color="#000066" size="-1" face="MS Sans Serif"><b>0 :>=B0:B8</b></font></td></tr> <tr> <td><font color="#000066" size="-1" face="MS Sans Serif"><a href="http://www.psp-ltd.com/">www.psp-ltd.com</a></font></td></tr></tbody></table> </td></tr><tr> <td> <table border="1" cellpadding="4" cellspacing="0" width="120"> <tbody> <tr> <td bgcolor="#e8e8e8"><font color="#000066" size="-1" face="MS Sans Serif"><b>78F8</b></font></td></tr> <tr><td> <font color="blue" size="-1" face="MS Sans Serif"> <a href="panama_business_eng.htm"><img src="eng.bmp" border="0" width="30" height="21">=3;89A:8</a></font> </td></tr></tbody></table></td></tr> <tr> <td valign="top"> <form action="http://www.google.com/search" method="get"> <table border="1" cellpadding="4" cellspacing="0" width="120"> <tbody> <tr> <td bgcolor="#e8e8e8"><font color="#000066" size="-1" face="MS Sans Serif"><b>"J@A8 2 =B5@=5B</b></font></td></tr> <tr> <td> <table bgcolor="#ffffff" border="0" width="100"> <tbody> <tr> <td><a href="http://www.google.com/"><img alt="Google" src="Google_Safe.gif" align="middle" border="0" width="100" height="45"></a> <input maxlength="100" size="10" name="q"> <input value="vss" name="safe" type="hidden"> <input value="1" name="vss" type="hidden"> <input value=""J@A8" name="sa" type="submit"> </td></tr></tbody></table></td></tr></tbody></table> <table border="1" cellpadding="4" cellspacing="0" width="120"> <tbody> <tr> <td bgcolor="#e8e8e8"><font color="#000066" size="-1" face="MS Sans Serif"><b><a href="http://www.europe-made.com/adv_bg.htm"> 5:;0<8@09B5 BC:</a></b></font></td></tr> <tr> <td><font color="#000066" size="-1" face="MS Sans Serif"><a href="http://www.europe-made.com/adv_bg.htm">86B5 =0H8B5</a></font><br><font color="#000066" size="-1" face="MS Sans Serif"><a href="http://www.europe-made.com/adv_bg.htm">@5:;0<=8 B0@8D8!</a></font><br><font color="#000066" size="-1" face="MS Sans Serif"></font></td></tr></tbody></table> </form></td></tr></tbody></table></td></tr></tbody></table></body></html>