Recent Changes to the Seaway Board

September 27, 2006

Cornwall, Ontario, September 27, 2006 – The St. Lawrence Seaway Management Corporation (SLSMC) is pleased to announce the appointment of Mr. Paul Gourdeau to its Board of Directors to represent the “International Carriers”. He replaces Mr. Georges Robichon, who holds the distinction of being the longest-serving member of the Board, and one of the principal architects behind the commercialization of the Seaway in 1998.

The appointment of Mr. Gourdeau, who currently serves as Vice-President of Operations and Terminals for Fednav Limited and as Executive Vice-President of Federal Marine Terminals Inc., brings a vast array of experience and insight to the SLSMC Board. His career with Fednav dates back to 1988 when he joined as Fleet Manager. Prior to this, his career included a teaching position at the Institut Maritime du Québec, and marine officer assignments on board vessels owned by, amongst others, Irving Oil Ltd., Algoma Central Marine Ltd., and N.M. Paterson and Sons.

Richard Corfe, President and CEO of the SLSMC, notes that Mr. Gourdeau’s experience will complement the considerable depth already present at the board table. “As we strive to promote the advantages of marine transportation and harness the Seaway’s untapped potential, we welcome Mr. Gourdeau to our midst. We look forward to his considerable talents and influence within the industry, as we move forward with our Hwy H20 initiative.”

Furthermore, at the end of August, following the completion of Mr. Douglas Smith’s term as Chair, the Board selected Mr. Guy Véronneau to assume this role for the next two years. Mr. Véronneau currently represents the “Other Members” on the Board, but he was also the Corporation’s first President and Chief Executive Office, a position he held from October 1998 to April 2003. Richard Corfe observed that “the Board will benefit from Mr. Véronneau’s many years of business experience and, particularly, his knowledge of the Seaway and the marine industry.”

Since its inception in 1959, more than 2.3 billion tonnes of cargo valued at over $285 billion has moved via the Seaway. Today, marine transportation within the Seaway continues to support the well-being of millions of people on both sides of the Canada/US border and, through increased use, carries the promise to do even more. The SLSMC remains dedicated to promoting the economic and environmental benefits of the marine mode, attracting new cargoes to the Seaway and leveraging technology to enhance the system’s performance. For more information on the Hwy H20 initiative, please consult the Web site.