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News Release

September 5, 2012

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JORGE L. QUIJANO SWORN IN AS THE NEW PANAMA CANAL ADMINISTRATOR

News Release Panama Canal Authority September 5, 2012
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<P class=MsoNormal><B><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt">&#8226;
Quijano reaffirms his commitment to ensuring the management model that has
enabled the Canal&#180;s success under Panamanian stewardship.</SPAN></B><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt"></SPAN></P></DIV>
<DIV>
<P class=MsoNormal><SPAN
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<P class=MsoNormal><B><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt">Panama
City, Panama, September 4, 2012. -&nbsp;</SPAN></B><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt">Today,
engineer Jorge Luis Quijano, with 36 years of experience at the waterway and who
has been in charge of key projects such as the Expansion Program, became the
third Panamanian Canal Administrator.</SPAN></P></DIV>
<DIV>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt"></SPAN>&nbsp;</P></DIV>
<DIV>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt">Quijano
was sworn in as Administrator for a seven-year period before Minister for Canal
Affairs and Panama Canal Authority (ACP) Board Chairman, Roberto Roy, and the
Board of Directors during a ceremony held today at the Panama Canal
Administration Building.</SPAN></P></DIV>
<DIV>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt"></SPAN>&nbsp;</P></DIV>
<DIV>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt">"Today,
I assume this responsibility knowing that, together with a broad vision, hard
work and determination dreams may come true," said Quijano before signing the
resolution that begins his tenure as head of the ACP, autonomous entity
responsible for the operation and management of the waterway.</SPAN></P></DIV>
<DIV>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt"></SPAN>&nbsp;</P></DIV>
<DIV>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt">"The
future of the Canal is full of challenges, and they will certainly not be easy.
History has taught us that nothing is ever easy with regard to the Canal: its
original construction was daunting, it was not easy to regain our sovereignty
and the Canal administration, and proving to the world that we could handle it
effectively and efficiently" he added.</SPAN></P></DIV>
<DIV>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt"></SPAN>&nbsp;</P></DIV>
<DIV>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt">On
March 9, the ACP Board of Directors announced Quijano&#180;s appointment as new Canal
Administrator to replace engineer Alberto Alem&#225;n Zubieta, who on Monday
September 3 completed 16 years at the helm of the Panama Canal.</SPAN></P></DIV>
<DIV>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt"></SPAN>&nbsp;</P></DIV>
<DIV>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt">The
ceremony was attended by current and former members of the Board of Directors,
including President Ricardo Martinelli, who was Minister for Canal Affairs and
Board Chairman between 1999 and 2003.</SPAN></P></DIV>
<DIV>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt"></SPAN>&nbsp;</P></DIV>
<DIV>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt">The new
administrator highlighted the Canal&#180;s autonomy, which has been the result of a
national consensus and has allowed for the successful management and operation
of the waterway.&nbsp; "We will continue to be strict custodians of this
management model devised by Panamanians for the benefit of the world maritime
commerce and of Panama," he said.</SPAN></P></DIV>
<DIV>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt"></SPAN>&nbsp;</P></DIV>
<DIV>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt">"On
behalf of the men and women who work at the Panama Canal every day, may I
reiterate our commitment to continue strengthening the management of this
strategic resource while safeguarding the highest standards of accountability,
efficiency and transparency," he added.</SPAN></P></DIV>
<DIV>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt"></SPAN>&nbsp;</P></DIV>
<DIV>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt">Quijano
becomes the third Panamanian leader of the waterway. He was preceded by Alberto
Alem&#225;n Zubieta (1996-2012) and Gilberto Guardia (1990-96), who was the
Administrator of the Panama Canal Commission, the U.S. federal agency that
operated the Canal until 1999.</SPAN></P></DIV>
<DIV>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt"></SPAN>&nbsp;</P></DIV>
<DIV>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt">"The
international maritime community must rest assured of our conviction to
strengthen our customer relations while we add value to our services and
constantly renew our business proposal ensuring the competitiveness of our
route," said the new Administrator.</SPAN></P></DIV>
<DIV>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt"></SPAN>&nbsp;</P></DIV>
<DIV>
<P class=MsoNormal><B><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt">About
Jorge L. Quijano</SPAN></B><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt"></SPAN></P></DIV>
<DIV>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt">Jorge
Quijano&#180;s career at the Panama Canal began in December of 1975.&nbsp; He took on
different responsibilities until he was appointed Marine Operations Director in
1999 for seven years. Marine Operations is the largest department at the Canal
and is directly responsible for the operation and maintenance of the
infrastructure and most of the critical equipment of the
waterway.</SPAN></P></DIV>
<DIV>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt"></SPAN>&nbsp;</P></DIV>
<DIV>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt">Since
2006, Quijano was responsible for coordinating various aspects of the Panama
Canal Expansion Program.&nbsp; For this purpose, he was appointed Engineering
and Programs Management Executive Vice President in 2007. In this role, he
spearheaded the task of contracting and supervising the implementation of
various projects of the Expansion Program, a process that has received
international recognition for its transparency as it promotes open
competition.</SPAN></P></DIV>
<DIV>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt"></SPAN>&nbsp;</P></DIV>
<DIV>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt">To ease
the transition from the outgoing administrator, engineer Quijano served as
Deputy Administrator in charge of the ACP since June.</SPAN></P></DIV>
<DIV>
<P class=MsoNormal><SPAN
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<DIV>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt">According
to the Organic Law of the ACP, Quijano will occupy the position for a seven-year
period and he may be elected for a second term by the Board of
Directors.</SPAN></P></DIV>
<DIV>
<P class=MsoNormal><SPAN
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<DIV>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt">Engineer
Manuel Ben&#237;tez, a professional with 34 years of experience at the Panama Canal,
also begins his tenure as Deputy Administrator of the ACP today, after his
appointment was made official by the Board of Directors last
week.</SPAN></P></DIV>
<DIV>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Calibri','sans-serif'; COLOR: black; FONT-SIZE: 11pt"></SPAN><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt"></SPAN>&nbsp;</P></DIV>
<DIV>
<P class=MsoNormal><B><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt">About
the Panama Canal Authority (ACP)<BR></SPAN></B><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt">The ACP
is the autonomous agency of the Government of Panama in charge of managing,
operating and maintaining the Panama Canal. The operation of the ACP is based on
its organic law and the regulations approved by its Board of Directors. For more
information in English, please refer to the ACP's Web site:&nbsp;<A
href="redir.aspx?C=d819bf9194174ce9a46f2ebfbaf87728&amp;URL=http%3a%2f%2fwww.pancanal.com%2f"
target=_blank>www.pancanal.com</A>. For Panama Canal video, please visit&nbsp;<A
href="redir.aspx?C=d819bf9194174ce9a46f2ebfbaf87728&amp;URL=http%3a%2f%2fwww.youtube.com%2felcanaldepanamatv"
target=_blank>http://www.youtube.com/elcanaldepanamatv</A>. You can also follow
us on Twitter:&nbsp;<A
href="redir.aspx?C=d819bf9194174ce9a46f2ebfbaf87728&amp;URL=http%3a%2f%2ftwitter.com%2fthepanamacanal"
target=_blank>http://twitter.com/thepanamacanal</A>.</SPAN><SPAN
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