PANAMA CITY, Panama, August 16, 2005 – The Board of Directors of the Panama Canal Authority (ACP) held an extraordinary meeting today, with one topic on its agenda: the appointment of the Panama Canal Administrator for the next seven years, beginning September 3.

The Board of Directors has been considering and analyzing the requirements and qualities that this person must possess to continue managing the waterway, after five years of successful operations under Panamanian stewardship.

The decision of the Board of Directors, as legally exercised by constitutional norms that regulate the Canal Authority has agreed by a unanimous decision to reappoint engineer Alberto Alemán Zubieta, current Administrator, who has done outstanding work in the transition and management of the Canal.

Engineer Alemán Zubieta has confirmed his availability and interest to the Board of Directors to continue as Panama Canal Administrator and, in turn, the Board of Directors has informed the President of the Republic of Panama, Martín Torrijos about the approved decision.

Dr. Ricaurte Vásquez M.
Chairman of the Board of Directors