New Board Members Appointed For Parc Downsview Park Inc.

Toronto, Ontario, December 19, 2002 – Canada Lands Company Limited (CLCL) today announced that it has appointed five new members to the board of its Parc Downsview Park Inc. (PDP) subsidiary. The PDP board oversees the development and ongoing management of Downsview Park on the former Canadian Forces Base Toronto lands in Toronto.

“I would like to thank the outgoing Chairman, Gordon Farquharson, and all other departing board members for their hard work and dedication in bringing Downsview Park well along the path towards becoming one of Canada’s premier urban recreational greenspaces,” said Marc Rochon, CLCL Chairman. “I would also like to congratulate David Bell, the new Chairman, and welcome all incoming board members onto what promises to be an excellent board.”

In addition to the new Chairman, David Bell, the members remaining on the board include Rina Camarra, Reginald Lewis, Gino Matrundola, Betty Steinhauer and Toni Varone. The new members joining the board are Douglas Birkenshaw, Elizabeth Dowdeswell, John McCool, Kathy Milsom and Thomas Symons. Brief biographical notes for the members of the new board are attached to this news release.

PDP was incorporated in 1998 to oversee the development and ongoing management of Downsview Park on the former Canadian Forces Base Toronto lands in Toronto. The park is being developed as a unique urban recreational greenspace, to be held in perpetuity for the enjoyment of future generations.

CLCL is a non-agent federal Crown corporation reactivated in 1995 to create financial and community value from properties no longer required by the Government of Canada. The company is self-financing and implements innovative property solutions to enhance the quality of life in communities where it operates.