November 28, 2002

John Manley, Deputy Prime Minister and Minister of Finance, announced today two appointments to the board of directors of the Canada Pension Plan Investment Board (CPPIB). Germaine Gibara of Montréal, Quebec, and Ronald Smith of Dartmouth, Nova Scotia, have been appointed to the board. Both appointees have extensive business experience and are active in public service at both the local and national level.

“I would like to congratulate Ms. Gibara and Mr. Smith on their appointments and wish them well in their work as directors,” Minister Manley said. “I am confident that their strong business backgrounds and sound knowledge of financial issues will make them valued members of the CPPIB’s board.”

The directors were appointed by the federal government based on a recommendation from the Minister of Finance, following consultations with his counterparts in the participating provinces. Prior to making his recommendation, the Minister reviewed a list of qualified candidates provided by a joint federal-provincial nominating committee, led by Michael Phelps, Chairman of Dornoch Capital, and formerly Chairman and Chief Executive Officer of Westcoast Energy Inc.

The CPPIB is responsible for prudently investing new CPP investment funds in the best interests of CPP contributors and beneficiaries. It invests in a diversified portfolio of securities and operates at arm’s length from governments, under broadly the same rules as other pension funds in Canada.

Biographical Sketches of New Appointees to the Canada Pension Plan Investment Board

Germaine Gibara, M.A., CFA: Ms. Gibara is currently the President and CEO of Avvio Management Inc., a management-consulting firm she founded, which specializes in strategic planning and the commercialization of technology. She resides in Montréal, Quebec, and has held senior positions with a number of financial service and resource-based companies, including the Caisse de dépôt et placement du Québec, TAL Global Asset Management Inc. and Alcan Aluminium Ltd. Ms. Gibara has served on numerous boards and committees and presently serves on the board of directors of SunLife, Corel Corporation and Pechiney (France). She also serves as Co-Chair of the Board of the Institute for Research on Public Policy, and is a board member of the Lean Institute in Boston. Past directorships include Vidéotron, Ault Foods/Parmalat and the Economic Council of Canada.

Ronald Smith, FCA: A native of Yarmouth, Nova Scotia, Mr. Smith has an extensive background in the accounting, telecommunications and energy industries. A former Chief Financial Officer with Aliant Telecom Inc. and its predecessor, Maritime Telephone & Telegraph Ltd, Mr. Smith now serves as Senior Vice President and Chief Financial Officer of Emera Inc., a Halifax-based energy company. Mr. Smith currently serves as a member of the board of directors of Bangor Hydro Electric Company and CrossOff Inc. He is a former national president of the Canadian Association for Community Living and serves as a Vice-Chair of the Board of Governors of Acadia University. He currently resides in Dartmouth, Nova Scotia.

For further information contact:

John A. MacNaughton

President and Chief Executive Officer

416-868-4077

November 28, 2002

John Manley, Deputy Prime Minister and Minister of Finance, announced today two appointments to the board of directors of the Canada Pension Plan Investment Board (CPPIB). Germaine Gibara of Montréal, Quebec, and Ronald Smith of Dartmouth, Nova Scotia, have been appointed to the board. Both appointees have extensive business experience and are active in public service at both the local and national level.

"I would like to congratulate Ms. Gibara and Mr. Smith on their appointments and wish them well in their work as directors," Minister Manley said. "I am confident that their strong business backgrounds and sound knowledge of financial issues will make them valued members of the CPPIB's board."

The directors were appointed by the federal government based on a recommendation from the Minister of Finance, following consultations with his counterparts in the participating provinces. Prior to making his recommendation, the Minister reviewed a list of qualified candidates provided by a joint federal-provincial nominating committee, led by Michael Phelps, Chairman of Dornoch Capital, and formerly Chairman and Chief Executive Officer of Westcoast Energy Inc.

The CPPIB is responsible for prudently investing new CPP investment funds in the best interests of CPP contributors and beneficiaries. It invests in a diversified portfolio of securities and operates at arm's length from governments, under broadly the same rules as other pension funds in Canada.

Biographical Sketches of New Appointees to the Canada Pension Plan Investment Board

Germaine Gibara, M.A., CFA: Ms. Gibara is currently the President and CEO of Avvio Management Inc., a management-consulting firm she founded, which specializes in strategic planning and the commercialization of technology. She resides in Montréal, Quebec, and has held senior positions with a number of financial service and resource-based companies, including the Caisse de dépôt et placement du Québec, TAL Global Asset Management Inc. and Alcan Aluminium Ltd. Ms. Gibara has served on numerous boards and committees and presently serves on the board of directors of SunLife, Corel Corporation and Pechiney (France). She also serves as Co-Chair of the Board of the Institute for Research on Public Policy, and is a board member of the Lean Institute in Boston. Past directorships include Vidéotron, Ault Foods/Parmalat and the Economic Council of Canada.

Ronald Smith, FCA: A native of Yarmouth, Nova Scotia, Mr. Smith has an extensive background in the accounting, telecommunications and energy industries. A former Chief Financial Officer with Aliant Telecom Inc. and its predecessor, Maritime Telephone & Telegraph Ltd, Mr. Smith now serves as Senior Vice President and Chief Financial Officer of Emera Inc., a Halifax-based energy company. Mr. Smith currently serves as a member of the board of directors of Bangor Hydro Electric Company and CrossOff Inc. He is a former national president of the Canadian Association for Community Living and serves as a Vice-Chair of the Board of Governors of Acadia University. He currently resides in Dartmouth, Nova Scotia.

For further information contact:

John A. MacNaughton

President and Chief Executive Officer

416-868-4077