Vancouver: Mr. David Stowe, Chairman, Vancouver Port Authority, is pleased to announce that Federal Transport Minister Tony Valeri has appointed Mr. George Adams and Mr. Greg Arason as directors of the Vancouver Port Authority (VPA) effective March 15, 2004. As well, the Province of British Columbia has named Ms. Sarah Morgan-Silvester as the provincial appointee on the VPA Board of Directors effective March 15, 2004.

"On behalf of our Board and VPA staff, I am pleased to extend my congratulations to each of these members on their recent appointments," said Mr. Stowe. "The VPA's Board of Directors believes that good corporate governance is essential to the effective and efficient operation of the VPA. The appointment of these new members supports the achievement of that goal."

Outgoing Board members Mr. Kevin Doyle, Mr. Bob Friesen and Mr. Mike Harcourt completed their terms as directors at the end of February.

"I wish to thank Mr. Doyle, Mr. Friesen and Mr. Harcourt for their time, expertise and counsel in exercising due diligence on behalf of the VPA. We are most grateful for the tremendous contribution these gentlemen made to the affairs of the Port and wish them continued success in their endeavours," said Mr. Stowe.

Mr. Adams served as a Director of the VPA from 1999 to 2003 and retired from MacMillan Bloedel Limited as Vice-President of Transportation in 1997 after 27 years of service. He held a number of executive positions with MacMillan Bloedel's subsidiaries, including Vice-President and General Manager, between 1977 and 1981, and President and CEO, between 1981 and 1997, of Canadian Transport Company Ltd. Mr. Adams' seagoing career began in 1954 and he has served as a Director of the Pacific Pilotage Authority.

Mr. Arason retired in 2002 from the Canadian Wheat Board where he was President and CEO for four years. Prior to that, he was Chief Executive Officer of the Manitoba Pool Elevators for 10 years. Currently, Mr. Arason serves as a Director and Chair of Linnet Geomatics International, Chair of Value Chain Round Table for Cereal Grains and is a director of Riverview Health Centre and Prairie Theatre Exchange Foundation Trust. Mr. Arason has served on the boards of Banff School of Advanced Management, Canamera Foods, Can-Oat Milling, Chamber of Maritime Commerce, Canada Grains and Western Transportation Advisory Council. Mr. Arason resides in Winnipeg.

Ms. Morgan-Silvester is Executive Vice-President, Personal Financial Services & Wealth Management at HSBC Bank Canada and President and CEO of HSBC Trust Company (Canada). Her current responsibilities include HSBC's retail banking, brokerage, asset management, trust and insurance businesses. She has been with HSBC since 1987 and has held numerous progressive positions. Ms. Morgan-Silvester serves as a director on eight boards of HSBC (Canada). Additionally, she is a Director of the C.D. Howe Institute, B.C. Women's Hospital & Health Centre Foundation, Women in the Lead Incorporated and Member of the Faculty Advisory Board of Sauder School of Business, UBC. Ms. Morgan-Silvester graduated from the University of British Columbia (UBC) in 1982 and holds a Bachelor of Commerce (honors).

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For more information, please contact:

Anne McMullin,
Director, Corporate Communications and Public Affairs
Vancouver Port Authority
(604) 665-9069 (office)
(604) 665-9073 (fax)
(604) 218-1403 (cellular)
anne.mcmullin@portvancouver.com

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