Toronto Port Authority announces Board Change

    TPA operations turn a profit for the first eight months of 2008

    TORONTO, Sept. 12 /CNW/ - The Chairman of the Toronto Port Authority
Board announced today that its Board of Directors will be moving to a rotating
Chair format beginning on September 15, 2008.
    "Several weeks ago, I proposed to our Board of Directors that it consider
moving to a rotating Chair format," said Mark McQueen, Chairman of the Board
of Directors. "Earlier this week, the Board of Directors agreed to move in
this direction."
    "On a personal level, I am pleased with the positive financial progress
that has been made at the TPA over the past six months. The key investments in
the Toronto City Centre Airport are starting to bear fruit, and Porter's
passenger traffic is growing extremely well. On an operating basis, early
unaudited indications are that for the first eight months of the 2008 fiscal
year, the TPA turned a profit, a meaningful improvement over the
$1.877 million operating loss experienced in 2007. If the rest of the year
continues along similar lines, the TPA will be in a solid financial position."
    Further updates regarding the Board Chair will be posted on the TPA
website at

For further information:

For further information: Mark McQueen, Toronto Port Authority, (416)

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