Annual General Meeting 2007
Significant Increase in Container Traffic
Montreal Port Authority Prepares for Sustained Growth over Next Decade


• Fifth consecutive year of growth at Port of Montreal
• Montreal Port Authority reports net profit for 28th year in a row
• Sustained growth in container sector in the years ahead

Montréal (Québec) CANADA — April 10, 2008 — The theme of growth was prominent at the Annual General Meeting of the Montreal Port Authority (MPA): growth in cargo volume, growth in containerized cargo and increased port capacity. These were the main topics addressed by Patrice M. Pelletier, President and CEO, during the annual general meeting, his first at the helm of the MPA. Mr. Pelletier assumed his position in October 2007.

Outstanding results for the 28th consecutive year
For the year ended December 31, 2007, the MPA reported net earnings of $8.4 million. This is the 28th year in a row the MPA has recorded a net profit. Revenues rose 4.1% compared to 2006, reaching $86 million. The MPA also saw a 9.4% increase in containerized cargo and a 3.6% increase in total volume, which rose to 26 million tonnes. The volume of containerized cargo, which is key to the growth of the Port of Montreal and the MPA’s growth strategy, will continue to grow in the coming years. As Mr. Pelletier explained, “All indicators show that marine container traffic on the east coast of North America will grow annually by 7% till 2015. The Port of Montreal is a significant and true generator of wealth for the Canadian economy. To continue to fulfill this role, the port must take the necessary measures to capture a good part of the container market growth.”

There was also growth in bulk cargo. Liquid bulk cargo rose 1.7% to 7.9 million tonnes due to high volumes in ethanol, as well as increases in diesel and hydrocarbon traffic. Bulk liquids are comprised of petroleum, liquid asphalt, ethanol, wines and various alcohols.

Traffic in dry bulk decreased 2.1% to reach 5.5 million tonnes in 2007. The lower volume was mainly due to a softening in marine grain traffic.

Finally, regarding cruise traffic, a customer base of slightly more than 27,700 international passengers was reported for 2007. The Iberville passenger terminal is the final destination for most cruises operating along the St. Lawrence/American East Cost route. The overall customer base for cruises in the Port of Montreal amounted to 34,809 passengers, including international passengers and those on cruises operating in Canadian waters.

Augmenting the Port’s capacity by 2020
Mr. Pelletier outlined the major features of his strategic plan, which, by 2020, should enable the Port of Montreal to gradually augment its capacity by focusing on active growth. He explained that the increase in marine traffic throughout the world will continue and even intensify thanks to market consolidation and transhipments, including the creation of new port terminals using the hub and spoke concept common to the airport sector. This will make it possible to open new routes from Asia to North America, via Europe, the Suez Canal and the Panama Canal.

He pointed out that “the American East Coast ports are making significant investments to increase their capacity and shorten transit times to the rich and well-populated US Midwest market. We have to act now to keep and grow our market share. Obviously, this involves investments in new infrastructures so we can position ourselves to receive this new traffic,” he concluded.

About the Montreal Port Authority
The Montreal Port Authority (MPA) operates the world’s largest inland port. It is a leader among container ports, handling 26 million tonnes of cargo annually. In 2007, the Port of Montréal handled a total of 1,363,021 TEUs (20-foot equivalent units).The MPA operates its own rail network, providing direct access to berths, and is linked to two major railways and a highway system. The port also has a grain terminal and other terminals, some of which are operated by private stevedoring firms. Through its activities, the Port of Montreal generates 18,000 jobs, $2.1 billion in revenues and $1.5 billion in economic spin-offs.

Montreal Port Authority