2010 GAMES OPERATING TRUST

What is the 2010 Games Operating Trust (GOT)?

Shortly after Vancouver was awarded the right to host the 2010 Olympic and Paralympic Winter Games, VANOC’s Federal and Provincial partners, as set out in the Multi Party agreement, established a trust to be a source of funding to support the operating and capital maintenance costs of certain legacy facilities being constructed in Richmond (the Richmond Oval) and in the Whistler area (the Whistler Sliding Centre and the Whistler Nordic Competition Venue) for the Games. The trust will also be a source of funding for the continued development of high performance sport at the legacy facilities and potentially throughout Canada.

How much money is in the Games Operating Trust (GOT)?

The GOT was originally endowed with $110 million with 50 per cent of the funds contributed by the Province of B.C. and the Government of Canada, respectively. The GOT has grown since then to $133.6 million as of March 31, 2007.

Who is involved in the Games Operating Trust (GOT)?

The Trustee of the GOT is a Society, the directors and members of which are appointed by VANOC’s Games partners. Most of the appointees are from the community at large, while some are employees of VANOC’s Games partners.

How will the Games Operating Trust (GOT) operate?

The funds held within the GOT are invested and controlled by the Trustee. Distributions from the trust fund may be made by the Trustee to support the operating and capital maintenance costs of the legacy facilities and to support costs of related sport development initiatives. The funds held within the GOT are invested by the Trustee based on the advice and guidance of investment professionals.

Who may receive funds from the Games Operating Trust (GOT)?

The Trustee may disburse funds to the owner or operator of the three legacy facilities.

The City of Richmond, owner/operator of the Richmond Oval, will be entitled to receive funds for the operating and capital maintenance costs of their facility pre and post-Games.

The Whistler Legacies Society, post-Games owner/operator of the Whistler Nordic Competition Venue and the Whistler Sliding Centre, will be entitled to receive trust funds for the post-Games operating and capital maintenance costs of those facilities. VANOC, as current owner/operator of the Whistler Nordic Competition Venue and the Whistler Sliding Centre, will be entitled to receive trust funds for the pre-Games operating and capital maintenance costs of those facilities.

Why is a trust necessary?

The Games Operating Trust (GOT) ensures that funds will be available to assist pre-Games and post-Games operations of these three 2010 Winter Games legacy facilities and to support the development of amateur and high performance amateur sport well into the future. Establishing the fund before 2010 means that post-2010 business and sport plans can be developed knowing there is access to supplemental resources. The trust funds will contribute to the long-term success of the legacy facilities and for the high performance amateur sport programs that will utilize them. The commitment to establishing the trust was secured during the Bid to ensure the long term financial viability of the three venues supported by the Trust. The requirement for future financial support for the three named venues was based upon a study of similar facilities and practices for past Olympic Games, dating back to the Calgary Olympic Games.

How and when will the funds be distributed?

The Trustee has decided that the Legacy Endowment Fund will be divided on Dec. 31, 2007.

The Legacy Endowment Fund will be divided into sub-funds as follows:

· Speed Skating Oval Fund (Richmond) 40 per cent

· Whistler Sliding Centre and Nordic Venue Fund (Whistler Legacies Society) 40 per cent

· Contingency Fund 20 per cent

Starting in 2007 as the venues become operational, and subject to development by the parties of a suitable application process for distribution of funds from the Trust, the venue owner/operators will make application to the Trustee for funding to support their operating and sport development costs at the venues.

-30-


Media contact:	Mike Morton Press Secretary Office of the Premier 250 213-8218	Jennifer Chiu Press Secretary Office of the Minister of International Trade and Minister for the Pacific Gateway and the Vancouver-Whistler Olympics 819 992-7332

For more information on government services or to subscribe to the Province’s news feeds using RSS, visit the Province’s website at www.gov.bc.ca.