New Appointments to the Seaway Board of Directors

March 7, 2005

Cornwall, Ontario, March 7, 2005 — The St. Lawrence Seaway Management Corporation (SLSMC) announced today the appointment of Richard Gaudreau, William Keays and Peter Cathcart to its Board of Directors for three-year terms. The new appointees all have extensive marine experience and are active in the industry at the local and national levels.

Richard Gaudreau was recently appointed as the Federal Government director to replace Denise Verreault while, last fall, William Keays replaced Marc Dulude as the Québec Government representative and Peter Cathcart replaced Ian MacGregor as the Ontario Government member on the Board.

“I would like to congratulate Messrs. Gaudreau, Keays and Cathcart on their appointments and wish them well in their work as directors,” said Richard Corfe, SLSMC President. “I am confident that their in-depth experience and sound knowledge of maritime issues will make them valued members of the Board.”

The St. Lawrence Seaway Management Corporation is a not-for-profit corporation that operates the 13 Seaway locks between Montreal and Lake Erie. Over 43 million tonnes of cargo transits its locks annually, including grain, iron ore, steel and specialty cargoes.

Biographical Sketches of New Appointees to the Seaway Board of Directors

Richard Gaudreau: Having practiced law since 1969, Mr. Gaudreau has significant experience in matters related to marine transportation and international trade. He has chaired several public inquires, including the Canada Marine Act Review Panel, and participated in the study and drafting of marine port legislation and regulations, both in Canada and abroad. Mr. Gaudreau has extensive experience in drafting contracts and conventions, as well as litigating cases before Quebec and Canadian courts, including the Supreme Court of Canada.

William Keays: Mr. Keays is employed as the Director of Business Development with the consulting agency Groupe conseil GENIVAR Inc. Over the course of his 17-year career, he has held several positions in public affairs and media promotion. Until April 2004, he was a member of the Board for the Port of Québec, and he continues to serve on several Boards, including the Centre de robotique industrielle, CEGEP Levis-Lauzon, the Comité de développement d’un parc industriel portuaire sur la Rive-Sud de Québec, the Fondation de l’autisme and the Chamber of Commerce de la Rive-Sud de Québec.

Peter Cathcart: Until recently, a senior partner with the Toronto firm of McMillan Binch LLP, Mr. Cathcart continues to practice corporate / commercial law. He served as lead counsel to the consortium that assumed the management and control of the St. Lawrence Seaway in 1998, and also serves as a director on numerous boards, including “K” Line Canada Ltd., Porsche Cars Canada, Ltd., and the St. Michael’s Hospital Foundation.