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News release 03-40

ERNST & YOUNG BECOMES FIRST NATIONAL SPONSOR OF THE DIRECTORS COLLEGE

HAMILTON, ON - JULY 24, 2003 - The Conference Board of Canada and the DeGroote School of Business at McMaster University are pleased to announce that Ernst & Young, a global leader in professional services, has become the first national sponsor of The Directors College*.

The Directors College, a joint venture of the Conference Board and the DeGroote School of Business, will be Canada's only accredited comprehensive professional development program for corporate directors.

"Corporate directors play a key role in good governance, and this program will prove to be a valuable resource for directors," said David Leslie, chairman and chief executive officer of Ernst & Young LLP. " Ernst & Young is proud to be associated with this important and highly worthwhile program."

The Directors College will hold its inaugural session in November in Niagara-on-the-Lake, Ontario. Over the course of five sessions, each approximately two days in length, the Directors College curriculum will cover subjects such as governance best practices, strategic thinking, conflict and risk management, compliance, ethics, financial control, executive compensation, and organizational behaviour. The emphasis will be on experiential learning and practical insights.

Participants who complete the curriculum, which is entirely competency-based, will obtain an accredited Chartered Director* certification. Participants who choose not to seek formal certification are also welcome, and would not be required to cover the full curriculum.

Information about registering for the inaugural session of The Directors College may be obtained at www.thedirectorscollege.com.

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*"The Directors College", "C.DIR", and "Chartered Director" are official marks of McMaster University.

Steven Heipel, Ernst & Young LLP,
Tel: (416) 941-1817, E-mail: steven.heipel@ca.eyi.com

Joe Barbera, McMaster University,
Tel: (905) 525-9140 ext. 22959, E-mail: barbera@mcmaster.ca

Brent Dowdall, Conference Board of Canada,
Tel.: (613) 526-3090 ext. 448, E-mail: corpcomm@conferenceboard.ca

About The Conference Board of Canada

The Conference Board of Canada is the foremost independent, not-for-profit applied research organization in Canada. We help build leadership capacity for a better Canada by creating and sharing insights on economic trends, public policy issues, and organizational performance. Our members include a broad range of Canadian organizations from the public and private sectors. The Conference Board of Canada has an annual budget of $30 million, with 200 staff located in Ottawa, and offices in Niagara-on-the-Lake and Toronto.

About McMaster University

McMaster University, one of Canada's top three research-intensive universities, has world-renowned faculty and state-of-the-art research facilities. McMaster's culture of innovation fosters a commitment to discovery and learning in teaching, research and scholarship. Based in Hamilton, the University has a student population of more than 20,000 and more than 108,000 alumni in more than 125 countries around the world. McMaster University's DeGroote School of Business is one of the leading business schools in Canada and internationally.

About Ernst & Young

Ernst & Young, a global leader in professional services, is committed to restoring the public's trust in professional services firms and in the quality of financial reporting. Its 106,000 people in more than 140 countries around the globe pursue the highest levels of integrity, quality, and professionalism to provide clients with solutions based on financial, transactional, and risk-management knowledge in Ernst & Young's core services of audit, tax, and corporate finance. Ernst & Young practices also provide legal services in those parts of the world where permitted. Further information about Ernst & Young and its approach to a variety of business issues can be found at www.ey.com/perspectives. Ernst & Young refers to all the members of the global Ernst & Young organization.

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* The Directors College, Chartered Director, C.Dir., and The Board Simulation are OFFICIAL MARKS of McMaster University. All rights reserved. 2004.