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Panama Canal Authority Selects Shearman & Sterling as International Legal Advisor for Financing

Date: 09-APR-2007

TOP-TIER GLOBAL FIRM WILL PROVIDE LEGAL COUNSEL FOR EXPANSION FINANCE PLAN

PANAMA CITY, Panama, April 9, 2007 - The Panama Canal Authority (ACP) announced today that it has selected Shearman & Sterling LLP as its international legal advisor for its expansion financing needs. The top-tier global firm will work closely with the ACP and its financial advisor, Mizuho Corporate Bank, to determine the most advantageous financing options for the ACP.

The decision followed an evaluation of proposals from several world-class firms specializing in the financing of international infrastructure projects.

Shearman & Sterling joins Mayer, Brown, Rowe & Maw LLP, the law firm selected to advise the ACP in the procurement and contracting aspects for the Expansion Program.

"Shearman & Sterling distinguishes itself as a market leader in infrastructure financing," said ACP Engineering and Programs Management Director Jorge Quijano. "Shearman & Sterling's project development and finance group enjoys a strong global reputation, especially in Latin America. We look forward to working with them as we develop the best plan to satisfy the ACP's financing needs."

The significance of the Panama Canal and its function in the global supply chain becomes increasingly important as the world becomes more interconnected. The waterway lies within a critical area where trade routes intersect.

In a historic move, Panamanians voted on October 22, 2006 to expand the Canal. The Expansion Program will create a third lane for transiting vessels, and includes the construction of a new set of locks, which will double Canal capacity and allow for the passage of larger ships.

About Shearman & Sterling
Shearman & Sterling advises many of the world's leading corporations and financial institutions, governments and governmental organizations in a broad range of international transactions. For more information, please refer to Shearman & Sterling's Web site: www.shearman.com.
 
About the Panama Canal Authority
The Panama Canal Authority (ACP) is the autonomous agency of the Government of Panama in charge of managing, operating and maintaining the Panama Canal. The ACP is governed by its organic law and the regulations approved by its Board of Directors. For more information, please refer to the Panama Canal Authority's Web site: www.pancanal.com