Concession Contract No. 309 of October 24, 1997 between the State and Cable Wireless Panamá, S.A. Executive Decree No. 58 of May 12, 2008 Concession Contract No. 10-2008 of May 27, 2008 between the State and Digicel Panamá, S.A. Concession Contract No. 11-2008 of May 27, 2008 between the State and Claro Panamá, S.A.

Description: Cross Border Trade of Services

Cellular mobile telephony services will be provided exclusively by 4 operators that have received the concession from the State.

25. Sector: Communications Services

Subsector: Telecommunications

Obligations Concerned: Article 9.6 (Local Presence)

Measures: Law No. 31 of February 8, 1996.

Executive Decree No. 73 of April 9, 1997

Description: Cross-Border Trade in Services

A telecommunication service provided directly to users in Panama may only be provided by a person domiciled in Panama.

26. Sector: Commercial Services; Hotel and Restaurant Services

Subsector: Beverage Sales Services for Consumption on the Premises.

on the Premises

Obligations Concerned: Article 9.4 (Access to Markets)

Measures: Law No. 55 of July 10, 1973 Law No. 5 of January 11, 2007

Executive Decree No. 26 of July 12, 2007

Description: Cross Border Trade in Services

No bar operating license shall be granted in any district in Panama when the number of bars existing in such district exceeds the ratio of 1 per 1000 inhabitants, according to the last official population census.

27. Sector: Entertainment Services

Subsector: Gaming and Chance Games

Obligations Concerned: Article 9.4 (Access to Markets)

Measures: Article 297 of the Political Constitution of the Republic of Panama.

Description: Cross-Border Trade in Services

Only the Panamanian State may operate games of chance or other gambling activities in Panama.

Sector: Communications Services

Subsector: Postal and Telegraph Services

Obligations Concerned: Article 9.4 (Access to Markets)

Measures: Article 301 of the Fiscal Code of the Republic of Panama approved through Law No. 8 of January 27, 1956, as amended by Law No. 20 of August 11, 1994.

Description: Cross Border Trade in Services

Only the Government of Panama may operate postal and telegraph services in Panama.

29. Sector: Ports and Airports

Subsector:

Obligations Affected: Article 9.4 (Market Access) Article 9.6 (Local Presence)

Measures: Decree Law No. 7 of February 10, 1998 Law No. 23 of January 29, 2003

Description: Cross-Border Trade in Services

The Executive Branch of the Government of Panama has discretion to determine the number of concessions for national ports and airports.

Annex II. INTERPRETATIVE NOTES

1. A Party's Schedule indicates, in accordance with Articles 9.7 (Nonconforming Measures) and 10.8 (Nonconforming Measures), the sectors, subsectors, or specific activities for which new or more restrictive measures may be maintained or adopted that are inconsistent with the obligations imposed by:

(a) Articles 9.3 (Most-Favored-Nation Treatment) or 10.4 (Most-Favored-Nation Treatment);

(b) Article 9.4 (Market Access);

(c) Article 9.5 (National Treatment) or 10.3 (National Treatment);

(d) Article 9.6 (Local Presence);

(e) Article 10.6 (Senior Management and Boards of Directors); or

(f) Article 10.7 (Performance Requirements).

2. Each tab of this Annex sets forth the following elements:

(a) Sector: refers to the sector for which the tab has been made;

(b) Sub-sector: refers to the specific sector for which the fiche has been made;

(c) Obligations Affected: specifies the obligation(s) referred to in paragraph 1 that, by virtue of Articles 9.7 (Nonconforming Measures) and 10.8 (Nonconforming Measures), do not apply to the sectors, subsectors or activities listed in the fiche;

(d) Level of Government: indicates the level of government that maintains or adopts the measures on which a reservation is taken;

(e) Description: describes the coverage of the sectors, subsectors or activities covered by the record; and

(f) Measures in Force: identifies, for transparency purposes, the measures in force that apply to the sectors, subsectors or activities covered by the fiche.

3. In accordance with Articles 9.7 (Nonconforming Measures) and 10.8 (Nonconforming Measures), the Articles of this Agreement specified in the Affected Obligations element of a tab do not apply to the sectors, subsectors, and activities identified in the Description element of that tab.

4. In the interpretation of a fiche all its elements shall be considered. The Description element shall prevail over the other elements.

5. For the purposes of this Agreement, the Parties understand that:

(a) extractive fishing activity shall not be considered a service and therefore need not be listed in Annexes I and II with respect to the obligations of Chapter 9 (Cross-Border Trade in Services), and.

(b) where a Party completely prohibits the cross-border supply of or investment in a service by a foreign person, such prohibition shall not be considered a non-conformity with respect to Article 9.4 (Access to Markets in Services).

9.4 (Market Access) and therefore need not be listed in Annexes I and II as such.

Annex II. SCHEDULE OF MEXICO

1. Sector: All Sectors

Subsector:

Obligations Concerned: Article 9.5 (National Treatment)

Level of Government: Federal

Description: Cross-Border Trade in Services

Mexico reserves the right to adopt or maintain any measure restricting the acquisition, sale, or other disposition of bonds, treasury securities, or any other class of debt instruments issued by federal, state, or local governments.

Measures in force:

2. Sector: Minority-Related Matters

Subsector:

Obligations Concerned: Article 9.5 (National Treatment) Article 9.6 (Local Presence)

Level of Government: Federal

Description: Cross-Border Trade in Services

Mexico reserves the right to adopt or maintain any measure that grants rights or preferences to socially or economically disadvantaged groups.

Existing Measures: Political Constitution of the United Mexican States, Article 4.

3. Sector: Communications

Subsector: Telecommunications and Postal Services

Obligations Concerned: Articles 9.3 (Most-Favored-Nation Treatment) and 10.4 (Most-Favored-Nation Treatment) Articles 9.5 (National Treatment) and 10.3 (National Treatment) Article 9.6 (Local Presence) Article 10.6 (Senior Executives and Boards of Directors)

Level of Government: Federal

Description: Cross-Border Trade in Services and Investment

Mexico reserves the right to adopt or maintain any measure relating to the supply of services and investment associated with the following subsectors:

1. telegraph services

2. Radiotelegraphy Services

3. Postal Service: operation, administration, and organization of correspondence.

Measures in force: Political Constitution of the United Mexican States, Articles 25 and 28.

Law of General Communication Roads

Law on the Mexican Postal Service, Title I, Chapter III Foreign Investment Law

Federal Telecommunications Law, Chapter I

4. Sector: Communications

Subsector: Control, Inspection and Surveillance of Maritime and Land Ports

Obligations Concerned: Articles 9.3 (Most-Favored-Nation Treatment) and 10.4 (Most-Favored-Nation Treatment) Articles 9.5 (National Treatment) and 10.3 (National Treatment) Article 9.6 (Local Presence)

Level of Government:

Federal

Description: Cross-Border Trade in Services and Investment

Mexico reserves the right to adopt or maintain any measure with respect to the provision of services and investment associated with the control, inspection and surveillance of maritime and land ports.

Measures in force: Maritime Navigation and Commerce Law Ports Law

General Communication Roads Law Foreign Investment Law

5. Sector: Communications

Subsector: Control, Inspection and Surveillance of Airports and Heliports

Obligations Concerned: Articles 9.3 (Most-Favored-Nation Treatment) and 10.4 (Most-Favored-Nation Treatment)

Level of Government:

Federal

Description: Cross-Border Trade in Services and Investment

Mexico reserves the right to adopt or maintain any measure with respect to the supply of air traffic control services, aeronautical meteorology services, aeronautical telecommunications services, flight dispatch and control services, and other telecommunications services related to air navigation services.

Measures in force: Political Constitution of the United Mexican States, Article 32.

Airports Law, Chapter II

General Communications Law, Chapter II Federal Telecommunications Law.

Foreign Investment Law, Title I, Chapter II.

Decree Creating the Decentralized Organization of "Navigation Services in the Mexican Airspace" (SENEAM).

6. Sector: Energy

Subsector: Petroleum and Other Hydrocarbons Basic Petrochemicals Electricity

Nuclear Energy

Treatment of Radioactive Minerals

Obligations Concerned: Articles 9.3 (Most-Favored-Nation Treatment) and 10.4 (Most-Favored-Nation Treatment) Articles 9.5 (National Treatment) and 10.3 (National Treatment) Article 9.6 (Local Presence) Article 10.6 (Senior Executives and Boards of Directors)

Level of Government: Federal

Description: Cross-Border Trade in Services and Investment

Mexico reserves the right to adopt or maintain any measure relating to the supply of services and investment associated with the following sub-sectors, except as set out in its Schedule to Annex I:

Petroleum, Other Hydrocarbons and Basic Petrochemicals:

(a) exploration and exploitation of crude oil and natural gas; refining or processing of crude oil and natural gas; and production of artificial gas, basic petrochemicals and their inputs and pipelines;

(b) transportation, storage and distribution, up to and including the first-hand sale of the following goods: crude oil, artificial gas; energy goods and basic petrochemicals obtained from the refining or processing of crude oil; and basic petrochemicals; and

(c) foreign trade, up to and including the first-hand sale of the following goods: crude oil; artificial gas; energy goods and basic petrochemicals obtained from the refining or processing of crude oil; and basic petrochemicals.

2. Electricity: the provision of public electricity services in Mexico, including the generation, transmission, transformation, distribution and sale of electricity.

3. Nuclear Energy and Treatment of Radioactive Minerals: exploration, exploitation and processing of radioactive minerals, the nuclear fuel cycle, the generation of nuclear energy, the transportation and storage of nuclear waste, the use and reprocessing of nuclear fuel and the regulation of its applications for other purposes, as well as the production of heavy water.

Existing Measures: Political Constitution of the United Mexican States, Articles 25, 27 and 28.

Foreign Investment Law

Regulatory Law of Article 27 of the Mexican Constitution on Nuclear Matters.

Regulatory Law of Article 27 of the Mexican Constitution in the Oil Industry and its Regulations.

Law of Petroleos Mexicanos

Regulation of the Law of Petróleos Mexicanos Law of the Public Service of Electric Power

Regulations of the Public Electric Energy Service Law

Service Law

7. Sector: Entertainment Services

Subsector: Recreational and Entertainment Services

Obligations Concerned: Articles 9.3 (Most-Favored-Nation Treatment) and 10.4 (Most-Favored-Nation Treatment) Articles 9.5 (National Treatment) and 10.3 (National Treatment) Article 9.6 (Local Presence) Article 10.6 (Senior Executives and Boards of Directors)

Level of Government: Federal

Description: Cross-Border Trade in Services and Investment

Mexico reserves the right to adopt or maintain any measure relating to investment in, or the supply of gambling and betting services.

Existing Measures:

8. Sector: Social Services

Subsector:

Obligations Concerned: Articles 9.3 (Most-Favored-Nation Treatment) and 10.4 (Most-Favored-Nation Treatment) Articles 9.5 (National Treatment) and 10.3 (National Treatment) Article 9.6 (Local Presence) Article 10.6 (Senior Executives and Boards of Directors) Article 10.7 (Performance Requirements)