A. Charles Baillie Elected Chairman of the Canadian Council of Chief Executives

May 21, 2002

A. Charles Baillie, Chairman and Chief Executive Officer of TD Bank Financial Group, has been elected Chairman of the Canadian Council of Chief Executives (CCCE), and Paul M. Tellier, President and Chief Executive Officer of Canadian National, has joined the Council’s Executive Committee as a Vice-Chairman.

“As the premier vehicle for enabling Canadian chief executives to engage in critical public policy issues, the Council has been an extraordinarily effective force for change for more than a quarter century,” said Mr. Baillie. “I am honoured by the opportunity to contribute to the next chapter in the organization’s development.”

Mr. Baillie succeeds Jean C. Monty, who resigned from the Council in April after stepping down as Chairman and Chief Executive Officer of Bell Canada Enterprises Inc. “It is always a blow to lose a person of the calibre and commitment of Jean Monty,” said CCCE President and Chief Executive, Thomas d’Aquino. “But I am delighted that such a respected leader as Charlie Baillie will pick up the torch and carry forward the major transformation of the Council launched last year.”

The CCCE, composed of the chief executive officers of 150 leading Canadian corporations, was known as the Business Council on National Issues until late 2001. The organization changed its name to reflect an expanded mandate that now includes policy work and initiatives across North America and around the world as well as within Canada.

“The challenge of making Canada the best place in the world in which to live, to work, to invest and to grow is a daunting one,” said Mr. Baillie. “But I am convinced that the Council’s commitment to policy entrepreneurship at home and abroad will continue to make a real contribution to building Canada’s economic strength and reinforcing its personality as an influential player within a rapidly integrating global economy.”

Mr. Baillie, assumes the post of Chairman of the Board of Directors and the Executive Committee after having served on the Council’s Executive Committee as a Vice-Chairman. He will play an active role in advancing the organization’s ambitious agenda.

“I very much look forward to working with the Council’s chief executive, Tom d’Aquino, and with my fellow CEOs from across Canada on our priorities which include competitiveness, health care, the environment, Canada-United States relations, international trade, foreign policy and security issues, and corporate governance. In each of these areas, we will offer ideas and work hard to achieve concrete results.”

The Council’s member chief executives head companies that administer in excess of $2.1 trillion in assets, have annual revenues of more than $500 billion and account for a significant majority of Canada’s private sector investment, exports, training and research and development.

In addition to Messrs. Baillie, Tellier and d’Aquino, the Council’s Executive Committee includes Honorary Chairman David P. O’Brien, Chairman of EnCana Corporation, and Vice-Chairmen Robert E. Brown, Derek H. Burney, David L. Emerson and Richard L. George, the chief executives respectively of Bombardier Inc., CAE, Canfor Corporation and Suncor Energy Inc.