PANAMA CANAL APPOINTS NEW DEPUTY ADMINISTRATOR
News Release
Panama Canal Authority
August 31, 2012
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<DIV style="MARGIN-BOTTOM: 10pt"><FONT size=2 face=Arial><SPAN
style="FONT-SIZE: 10pt"><B>Panama City, Panama, August 31, 2012.-</B> The Panama
Canal Authority (ACP) Board of Directors announced today the appointment of
engineer Manuel Benítez as the new Deputy Administrator of this entity,
beginning on September 4, 2012.</SPAN></FONT></DIV>
<DIV style="MARGIN-BOTTOM: 10pt"><FONT size=2 face=Arial><SPAN
style="FONT-SIZE: 10pt">“The Board of Directors considers that
Benítez´experience and knowledge will contribute to the management of the Panama
Canal, as the waterway faces new challenges while maintaining its
competitiveness as an international commercial route,” said Canal Affairs
Minister and Chairman of the Board of Directors, Roberto
Roy.</SPAN></FONT></DIV>
<DIV style="MARGIN-BOTTOM: 10pt"><FONT size=2 face=Arial><SPAN
style="FONT-SIZE: 10pt">The new Deputy Administrator began his career at the
Panama Canal in 1978 as an Apprentice of Precision Instrument Mechanics.
In 1986, after earning his Bachelor’s Degree in Electromechanical Engineering
from the Technological University of Panama, he was selected for the position of
Electrical Engineering Technician. Mr. Benítez completed the Executive
Development Program at the Cornell University Johnson Graduate School of
Management and has complemented his formal academic studies by attendance at
professional seminars in different fields, including a wide range of
maritime-related fields.</SPAN></FONT></DIV>
<DIV style="MARGIN-BOTTOM: 10pt"><FONT size=2 face=Arial><SPAN
style="FONT-SIZE: 10pt">For his outstanding professional performance, in 1997 he
was promoted to Manager of the Electrical Division. In 2001, Benítez was
appointed Industrial Services Director, a position in which he served until
August 30, 2004, when the Board of Directors selected him as acting Deputy
Administrator on September 1, 2004.</SPAN></FONT></DIV>
<DIV style="MARGIN-BOTTOM: 10pt"><FONT size=2 face=Arial><SPAN
style="FONT-SIZE: 10pt">In March 2007, Benítez was appointed Executive Vice
President of Operations responsible for all maritime operations, the Canal’s
security, emergency response, dredging operations, and maintenance of the
Canal’s infrastructures, floating and rolling
equipment.</SPAN></FONT></DIV></DIV></BODY></HTML>
<HTML><HEAD><TITLE></TITLE>
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<DIV>
<DIV style="MARGIN-BOTTOM: 10pt"><FONT size=2 face=Arial><SPAN
style="FONT-SIZE: 10pt"><B>Panama City, Panama, August 31, 2012.-</B> The Panama
Canal Authority (ACP) Board of Directors announced today the appointment of
engineer Manuel Benítez as the new Deputy Administrator of this entity,
beginning on September 4, 2012.</SPAN></FONT></DIV>
<DIV style="MARGIN-BOTTOM: 10pt"><FONT size=2 face=Arial><SPAN
style="FONT-SIZE: 10pt">“The Board of Directors considers that
Benítez´experience and knowledge will contribute to the management of the Panama
Canal, as the waterway faces new challenges while maintaining its
competitiveness as an international commercial route,” said Canal Affairs
Minister and Chairman of the Board of Directors, Roberto
Roy.</SPAN></FONT></DIV>
<DIV style="MARGIN-BOTTOM: 10pt"><FONT size=2 face=Arial><SPAN
style="FONT-SIZE: 10pt">The new Deputy Administrator began his career at the
Panama Canal in 1978 as an Apprentice of Precision Instrument Mechanics.
In 1986, after earning his Bachelor’s Degree in Electromechanical Engineering
from the Technological University of Panama, he was selected for the position of
Electrical Engineering Technician. Mr. Benítez completed the Executive
Development Program at the Cornell University Johnson Graduate School of
Management and has complemented his formal academic studies by attendance at
professional seminars in different fields, including a wide range of
maritime-related fields.</SPAN></FONT></DIV>
<DIV style="MARGIN-BOTTOM: 10pt"><FONT size=2 face=Arial><SPAN
style="FONT-SIZE: 10pt">For his outstanding professional performance, in 1997 he
was promoted to Manager of the Electrical Division. In 2001, Benítez was
appointed Industrial Services Director, a position in which he served until
August 30, 2004, when the Board of Directors selected him as acting Deputy
Administrator on September 1, 2004.</SPAN></FONT></DIV>
<DIV style="MARGIN-BOTTOM: 10pt"><FONT size=2 face=Arial><SPAN
style="FONT-SIZE: 10pt">In March 2007, Benítez was appointed Executive Vice
President of Operations responsible for all maritime operations, the Canal’s
security, emergency response, dredging operations, and maintenance of the
Canal’s infrastructures, floating and rolling
equipment.</SPAN></FONT></DIV></DIV></BODY></HTML>