Good afternoon, Ladies and gentlemen.

As we formally open this years annual general meeting, , I would like to offer you a warm welcome on behalf of the Vancouver Port Authority and thank you for taking the time to attend.

I am David Stowe, Chairman of the Board. With the endorsement of port users, I was reappointed in 2002 as a director and re-elected by the members of the Board to continue in the capacity as Chair.

As you can see by the agenda, I am the first of three speakers who will address the Port's performance in 2003. Following our presentations today, we will open the floor to any questions you may have.

Introduction of those on stage


Before we turn to the order of todays proceedings, I would like to begin by introducing those with me on the stage. Tom Winkler is Chief Financial Officer and will address the financial status of the organization. Next to Tom is Captain Gordon Houston, our President and Chief Executive Officer.

In a few minutes I will ask Gordon to review the successes and challenges of the Port in 2003 and offer our vision for the near and long term strategies for the Port.

Introduction of Members of Board of Directors

At this time I would like to introduce to you the members of the VPA's Board of Directors, briefly highlight their backgrounds and identify their Board responsibilities.

Since the inception of the Canada Marine Act in March 1999 the Vancouver Port Authority has been well served by nine Board members.

These members were appointed based on the depth of their varied experience and their complementary qualifications.

Throughout the challenges faced in 2003, the VPAs Board members provided sustained focus and effectively used their management skills to support staff in their commitment to realize the VPA's objectives and strategies. I would like at this time to introduce each board member and briefly identify his or her specific board responsibilities.
As I call your name, I would ask that you remain standing.

Let me start with the three newly appointed members of our Board:


George Adams

George is well known in the marine and transportation business having served on Boards of the
British Columbia Maritime Employers' Association
the Chamber of Shipping of BC
the Pacific Pilotage Authority
as well as the Vancouver Port Authority

George was formerly Vice President, Transportation, MacMillan Bloedel and President of Canadian Transport Company Ltd.

On VPAs Board, George is Chairman of the Governance Committee and serves as a member of the Audit Committee.


Greg Arason

Greg 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 Greg serves Chair of Linnet Geomatics International, Chair of Value Chain Round Table for Cereal Grains.

He has served on a number of boards including:
Banff School of Advanced Management,
Chamber of Maritime Commerce,
Canada Grains Council,
Western Transportation Advisory Council and others.

Greg is a member of the Governance Committee and the Communications Committee.

Sarah Morgan-Silvester

Sarah is the B.C. appointee to the VPA Board.
She is Executive Vice-President, Personal Financial Services & Wealth Management at HSBC Bank Canada and President and CEO of HSBC Trust Company (Canada).
Additionally, she is a Director of the C.D. Howe Institute,
B.C. Womens Hospital & Health Centre Foundation
Women in the Lead Incorporated
and Member of the Faculty Advisory Board of the Sauder School of Business, UBC.

Sarah is a member of the VPAs Audit Committee and the Communications Committee.

Wayne Hartrick
Wayne is the appointee of the eight municipalities surrounding the Port.
He is the Chief Executive Officer of Reputations Corporation and is a public relations practitioner with in-depth experience in:
strategic communications planning
conflict resolution, and
facilitation with business and community environments.
Wayne received the full endorsement of the municipalities following his first term in 2002 and will continue on our Board for another year.

Wayne is Chair of the Communications Committee and member of the Human Resources and Compensation Committee.

Ed Schreyer
Ed is a former Governor General of Canada and Commander in Chief and served as the Premier of Manitoba from 1969 to 1977.
He has also served as Canadian High Commissioner to Australia.
He is a guest professor at universities in Canada and Europe.
Ed was appointed by the three Prairie provinces.

On the VPA Board, Ed is a member of the Communications Committee and the Human Resources and Compensation Committee.

Audrey Sojonky

Audrey Sojonky is our federal government appointee.
She has served three years on the Board and was reappointed to a second 3-year term in 2002.
Audrey has extensive experience in business with emphasis on
marketing,
education and
policy research

Audrey is a member of our Human Resources and Compensation Committee and our Governance Committee.

Bob Wilds

Bob has extensive transportation and maritime experience.
He has been actively involved with the Greater Vancouver Gateway Council since 1987.
He is currently providing part time consulting services to the Council as the Managing Director.
He spent sixteen years as the President and CEO of the British Columbia Maritime Employers Association.
Prior to this responsibility, Bob was involved in Human Relations in the Construction Industry and Automotive Parts Manufacturing with experience in Canada, the United States and eight countries in Europe.

Bob is Chairman of the VPAs Human Resources and Compensation Committee and a member of the Audit Committee.


John Willcox

John also has an extensive transportation and marine industry experience. John retired in December 2001 after 20 years as President, CEO and Director of Neptune Bulk Terminals (Canada) Ltd.
Prior to that he was involved in Canadian mining and construction as Director of Technical Services Luscar Ltd. of Edmonton, Alberta.
John has served on the boards of:
the British Columbia Maritime Employers Association
Waterfront Foremen Employers Association
Western Transportation Advisory Council
and also as first Chairman of the Port Advisory Committee.

John is Chairman of our Audit Committee and serves as a member of the Governance Committee.


As I referenced in my introductory remarks, I am the 9th member of the Board and the current Chairman serving my second term in this capacity. My background in business was in the pulp and paper industry. I retired in 1995 from a career spanning 38 years at Scott Paper Ltd., headquartered in New Westminster. The last 14 years I served as Canadian Corporate Vice President of Marketing & Sales. I was reappointed to the board in 2001 to serve for another 3-year term.

Thank you. Please be seated.

Ladies and Gentlemen, the Port of Vancouver is Canada's largest and most diversified port and plays a key role in strengthening Canada's global trade by providing efficient and reliable linkages with our international trade partners.

We are a North American gateway for international trade throughout the Pacific Rim.

In total, we facilitate $29 billion of trade each year with 90 trading economies. Our Port is an important and necessary link to the international marketplace for goods from all provinces across the country.

The Port is also significant employer for nearby communities and serves as a major economic engine for Canada.

Total jobs generated across Canada number 62,000 with $1.3 billion in wages, $3.5 billion in economic output and $620 million in taxes paid to governments.

Payments in lieu of taxes and port property taxes form a significant part of the municipal tax base of the eight communities on which we border. In some instances, the port comprises up to 23% of the municipal tax base.

This financial worth is most significant and a great source of pride for our region.

Our host of achievements are due in no small part to the efforts of the men and women who enable the efficient movement of goods and passengers on a daily basis through the Port of Vancouver. Our Board of Directors wishes to offer our gratitude to:
terminal operators
shipping lines
shippers
labour & employer organisations
railways
service providers and
trucking companies serving our port

Their efforts generate significant benefits for our municipalities, our province and our country, making the Port of Vancouver a cornerstone in Canadas economy.

In 2003, the Board of Directors continued its instrumental role in providing stewardship and good governance to the Vancouver Port Authority (VPA) and support to our senior management.

Guided by our mission statement, members of the Board and senior executives in 2003 sought to expand the movement of cargo and passengers through the Port of Vancouver in the best interests of Canadians, who are our shareholders.



Our support took many forms in 2003 but key among them was communication. Whenever possible the Board endeavors to position the Port of Vancouver on the international stage to build productive and lasting business relationships with senior government officials, existing and new shippers, carriers, and any business leaders who will participate in our pursuit to be a world class port.

The Vancouver Port Authority continues to participate with other port authorities in meetings such as the Association of Canadian Port Authorities, the American Association of Port Authorities and the Pan Pacific Ports Conference.

Our participation in these international conferences provides a useful opportunity to better understand global issues and exchange senior level expertise pertinent to the worldwide shipping industry.

The efforts of the Board are ably complemented by the executive of the VPA and so, on behalf of the board, I would like to publicly , congratulate Gordon Houston for the leadership he provided in 2003. Under his guidance, the Port of Vancouver now sees its role considerably expanded in our regional transportation gateway. Most recently, Gordon took on the role of Chairman of the Vancouver Gateway Council and I would like to acknowledge his efforts as a strong advocate for transportation and the vital role it plays in leading the agenda for sound economic growth.

I would also like to commend Gordon for his efforts to elevate the profile of the Port of Vancouver through his numerous speaking engagements to key business associations across the country. Gordon's efforts continue to build momentum to galvanize support for port operations. They also serve to foster a better understanding of the critical role the port plays as a major economic generator for nearby communities and the country as a whole.

Finally, I would like to thank the employees at the VPA, many of whom are here today. Their work and dedication continue to advance the status of the Port of Vancouver to become shippers' port of choice on the west coast of North America. Our growth in recent years speaks to our employees' professionalism and ingenuity as they attend to the day-to-day business of the Port of Vancouver. Their daily efforts will guarantee our plans for 2020.

Together they enhance the status of Vancouver as a competitive world-class port of call for customers and an economic generator to create wealth for the communities that surround it.

In Conclusion

Ladies and Gentlemen
With these remarks as background, I will now ask Gordon Houston, President and CEO to speak about issues from last year and provide some insight of VPAs future vision. I would be pleased to answer questions within my scope as Chairman at the end of the formal business session. Thank you.

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

For more information:
For more information on any of these stories, call 1-888 PORTVAN.
Or, send an email to:
public_affairs@portvancouver.com