NEW CEO TO LEAD NEW FOCUS FOR CROWNS

Released on February 17, 2004

Premier Lorne Calvert announced today the appointment of Tom Waller, Q.C. as President and CEO of the Crown Management Board.

"I am announcing today a new CEO to lead our newly focussed Crown Corporations," Premier Calvert said. "I am pleased to have Mr. Waller's knowledge and experience to lead our Crown Corporations as we move forward in a new direction. Our commitment to lowest cost utilities for Saskatchewan people and bringing in youth and aboriginal people to revitalize the Crown sector begins with this change in leadership."

Waller's appointment takes effect on March 1st, 2004.

Tom Waller was born and raised in Regina and received his law degree and undergraduate degree in economics from the University of Saskatchewan. Mr. Waller is currently the Chair of the Board of Directors of the Saskatchewan Gaming Corporation and served as VP and general counsel for the Crown Investment Corporation from 1977 to 1982. More recently Waller has provided counsel to a number of Crown Corporations in our province and worked extensively on aboriginal affairs.

Waller replaces Frank Hart. Hart served as President and CEO of Crown Investments Corporation since 1999. Waller and Hart will work together over the next few weeks to ensure a smooth transition of the leadership on March 1st.

Premier Calvert also announced that Frank Hart has agreed to take on a special assignment for the next few months on retaining youth in the province. Hart recently developed a five year program for Crown Corporations to renew their workforce with Saskatchewan graduates and will now consider how the effort to keep young people in Saskatchewan can be extended to include other partners in the provincial economy.

"I would like to thank Mr. Hart for his service and dedication over the last five years and wish him well in his future endeavours," Premier Calvert said. "I would particularly like to recognize his work focusing the Crown Corporations on customer service, improving the financial results, developing the youth initiative in the Crowns, and his contribution to the creation of Investment Saskatchewan. He also played a key role in helping to build the private sector venture capital industry in his time at CIC."

Over the last five years under the leadership of Mr. Hart, Crown Investments Corporation has achieved an average of 12 per cent return on equity and provided over a billion dollars in dividends to the General Revenue Fund.

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For More Information, Contact:

Rob Cunningham Executive Council Regina Phone: (306)787-6349 Cell: (306) 539-1126