Rodrigo Cardoze, an International Associate with Arias, Fábrega & Fábrega in the areas of capital markets and M&A, has been elected Deputy Director of the Panama Stock Exchange.

Mr. Cardoze brings several years of expertise in capital markets, having participated in leading transactions in this area including:

• US$300 million notes issue of AES Panama

• US$100 million notes issue of Elektra Noreste

• US$364 million IPO of Copa Holdings on the NYSE

• US$150 million securitization of toll-road receivables of ICA Panama

Mr. Cardoze received a Bachelor of Arts from Duke University in 2000 and a Juris Doctor from Washington University School of Law (St. Louis, Mo) in 2003.

Mr. Cardoze was admitted to the Bar of the State of Florida in 2004 and is currently working on his admittance to the bar in Panama.