Virginia Port Authority Selects Boyden to Partner in Search for New Executive Director; Top Global Search Firm to Provide Seamless Transition for Retiring VPA Head; New Executive Director Will Continue to Expand One of Nation's Top Ports

Business Wire, August 1, 2006

WASHINGTON -- The Virginia Port Authority (VPA) has announced that Boyden global executive search has been retained to assist in selecting a new Executive Director and Deputy Executive Director. The new port Executive Director will replace J. Robert Bray, who will retire at the end of 2007. The VPA just completed its fiscal year 2006, handling more than 2 million container TEUs, up 7.6 percent over fiscal 2005.

"The VPA selected Boyden global executive search due to its vast experience recruiting Executive Directors and CEOs for seaports," said David M. James, Director of Contracts & Real Estate, Virginia Port Authority. "Tim McNamara, who will lead the recruiting effort for Boyden, has 19 years' experience in the transportation and maritime industries. Tim is active in the American Association of Port Authorities, knowledgeable of VPA's economic impact and aware of the importance of Craney Island to the future growth of the Port. The selection panel was unanimous in its decision that Boyden should receive the contract award."

"The Port of Virginia transports more intermodal containers to more cities faster and more efficiently than any other port in the nation," said Tim McNamara, who leads Boyden's Global Government and Public Sector Practice and is the Managing Director of the firm's Baltimore-Washington D.C. office. "Strategic and timely succession planning will ensure that the Port's high standard for service is maintained and advanced."

Mr. McNamara has an extensive track record of success placing senior management at top organizations, including the Federal Bureau of Investigation, U.S. Department of Transportation, Federal Highway Administration, National Transportation Safety Board, International Air Transport Association and The World Bank.

About Boyden World Corporation

Boyden is a global leader in the executive search industry, with more than 65 offices in 40 countries. Founded in 1946, Boyden specializes in high level executive search, Interim Management and Human Capital consulting across a broad spectrum of industries. For further information, visit the firm's website at www.boyden.com.

About Virginia Port Authority (VPA)

The Virginia Port Authority (VPA) is an agency of the Commonwealth of Virginia, reporting to the state Secretary of Transportation. The VPA owns and operates four general cargo facilities on behalf of the state: Norfolk International Terminals, Portsmouth Marine Terminal, Newport News Marine Terminal and the Virginia Inland Port in Warren County. The terminals are operated by Virginia International Terminals, Inc. (VIT), the non-stock, non-profit operating company. The VPA, through terminal earnings generated by VIT, is operationally self-sufficient. The VPA and correlating maritime industry are responsible for 165,000 jobs, $762 million in business revenues, and $61 million in state and local taxes throughout the Commonwealth.