W. Carey Shanghai MBA Graduates First Class of Business
and Government Leaders

TEMPE, Ariz. P.

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The W. P. Carey MBA Shanghai is delivered face-to-face in
Mandarin and English by professors from top U. Carey Chair of
Economics and a senior monetary advisor at the Minneapolis Federal Reserve
Bank."
W.

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Carey School in developing the Shanghai program because of the
school's success with the W.
The faculty is comprised of internationally renowned W. P.

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Kinnear, President

Carey MBA Shanghai was developed in cooperation with the
Ministry of Finance, and is delivered in collaboration with the Shanghai
National Accounting Institute. The W. P.

mediam regarded

Webster joined Pengrowth in 2000 and was appointed as Treasurer in
2001. from 1988 to 1995 including broad
exposure to operations accounting, budgeting and development of cost controls. Launched in 1998,
W. Carey MBA Shanghai brings
international business theories and practices to the leaders who will guide
China's global business development.

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Stock Symbol: PGF.
Prior to joining Pengrowth , Mr. P. Prescott, the W. Carey faculty leads a teaching team that includes professors
from other major U. S. The L.

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Buck Pei, associate dean for Asia Programs, "Shanghai is
the economic and financial center of China, and it's where technology,
bio-tech software engineering and other high growth sectors will evolve. "ASU has set a new standard for global engagement
for American universities.

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B, TSX; PGH, NYSE

CALGARY, March 21 - Pengrowth Corporation
("Pengrowth"), administrator of Pengrowth Energy Trust ("Trust"), is pleased
to announce today the appointment of Chris Webster as Chief Financial Officer. Webster previously was Vice President, Treasurer and interim Chief
Financial Officer of Pengrowth Corporation. P. The Ministry of Finance sought an alliance
with the W. P."
Unlike online degree programs offered in China by other U. P. The W. P.

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Historic Partnership Prepares Chinese Executives for Global Competition

P. Carey School of Business at Arizona State University (ASU) is
the first U. Edward C. LLC, and Finance Minister of the PRC, Mr.

ceos designation

Pengrowth Energy Trust announces appointment of Christopher Webster as Chief Financial Officer

He has participated actively in debt and equity financing activities of
the Trust and the acquisitions and divestitures of Pengrowth Corporation . The class of 64 high-level business and government leaders will
emerge from the two-year program and continue critical leadership roles as
China increases its position in world markets.
"This unique partnership between ASU's W.

leadership partnering

The appointment of Chris Webster followed an extensive search process
conducted by the Chief Executive Officer through a national independent
executive search firm in consultation with the Corporate Governance and
Compensation Committee of the Board of Directors. P. business schools.

executives excell

Webster was selected
based upon his experience and qualifications , his knowledge of the Trust and
his superior performance as an executive officer and active member of the
Pengrowth team over the past five years.

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Mr. Carey + Co.

certifies trademarked

James S. Carey School benefactor , Wm.

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A/PGF.
Mr. Mr. Kinnear the Chief Executive Officer of Pengrowth stated: "the
appointment of Chris Webster reflects Pengrowth's commitment to excellence,
the quality and diversity of Pengrowth 's team and the development of
individuals with superior skills dedicated to enhancing value for all
unitholders. business school to partner with the People's Republic of China
(PRC) to establish a first-of-its-kind MBA program for senior government
officials and executives who oversee Shanghai 's financial markets and large
state-owned businesses. The impact of the program will have far-reaching
effects, as China moves its global trade agenda forward. S. S. P.

W.

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P.
According to Dr. business schools, including MIT, New York University,
Stanford and Yale. The school is
internationally recognized for its leadership in supply chain management and
services marketing and highly regarded for its faculty's research
productivity.

mckinsey executives

The W. P.

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, An elite group of top-level
executives and government leaders will mark a historic moment in Shanghai on
June 4 when the class of 2005 graduates from the groundbreaking W. S. Carey School of Business

W.

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He received a Bachelor of Commerce
from Concordia University and holds both CFA and CGA designations. Mr. Webster also held progressive and diversified accounting
positions with Home Oil Company Ltd.
universities, the W. P.

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Carey MBA Beijing program. P.

cga stakeholders

The class represents a cross-section of China's most prestigious
executives and government leaders, including CEOs from Shanghai Airlines and
Baosteel, as well as executives from financial institutions, utility
companies, high-ranking government and regulatory agencies and Shanghai city
government. P. Renqing Jin, will
attend the graduation, along with ASU President Michael Crow and
representatives from the Shanghai National Accounting Institute.

boardroom leadership

Carey
MBA Shanghai.
"This program embodies the principles of my vision of ASU as the new
American University -- a 21st century institution that taps into opportunity
and creative energy here in Arizona and around the world," states ASU
President , Michael Crow.

stimulated leadership

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PENGROWTH CORPORATION
James S. The school is ranked 25th nationally for its undergraduate programs
and 31st for the W.

This category is designed for information of special interest to executives in large organizations or the upper ranks of small-medium sized enterprises.

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Carey School and the People's
Republic of China demonstrates our drive to practice what we teach by
developing international partnerships in education and creating innovative
approaches to growing the global economy," said W. Carey School of Business
dean, Robert Mittelstaedt. P. Polk Carey, founder and chairman of
W. Carey School of Business at Arizona State University is one of the
largest business schools in the United States with more than 150 faculty,
1,000 graduate and 2,600 upper -division undergraduate students. William Seidman Research Institute focuses on applied
research in economics, leveraging the research capabilities of the school's
faculty.

excell cga

Webster held senior accounting positions
within the petroleum industry including managing treasury and accounting
functions and acting as interim Vice-President of Marketing for Union Pacific
Resources Inc. P. Carey MBA Beijing prepares high potential Chinese managers for
advancement at Motorola China. To
take its place in the global marketplace, China must prepare its state-owned
businesses to succeed internationally . Carey scholars,
including Nobel Laureate, Dr. Carey MBA.