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5/3/2003

Corporate Announcement

(May 30 2003) –– Capelle Associates is pleased to announce its expansion to new offices in Toronto and Montreal. This expansion will allow us to provide comprehensive executive services to our growing list of clients.

As of June 2 2003, our Toronto head office will be located at the Clarica Centre, 3250 Bloor St. West, Suite 112. For your convenience, our phone and fax numbers remain the same. We have also moved our Montreal office to 1010 Sherbrooke St. West, Suite 1800. Raymond Daigneault, Vice President, heads our operations in Quebec.

Over the last several months, we have also undergone some staff changes. In September, Dwight Mihalicz was promoted to Senior Vice President. In addition to providing client support activities, Dwight will now oversee our corporate services division. Charlotte Bygrave recently joined our firm as Vice President and is leading the Fast Growing Companies team. In recent months, Makele Straker joined our firm as Manager, Administrative services.

With 25 years of international consulting and research experience, Capelle Associates is a world leader in the assessment and implementation of Organization Design. We help clients strategically align factors such as positions, people, accountabilities and tasks to help them improve their company’s performance and productivity.

The strategic application of Organization Design has been proven to improve employee satisfaction, improve customer satisfaction and improve financial performance.. These high returns have been demonstrated through rigorous research and are demonstrated daily in the offices and balance sheets of our satisfied clients. At Capelle Associates, our clients include executives at national and international corporations including: Bank of Montreal, GlaxoSmithKline, Four Seasons Hotels and Resorts, the International Red Cross, and Visa Canada. Our senior consultants offer a comprehensive, research-based approach to assessment and implementation of Organization Design. All our services and methods are flexible and tailored to the unique needs of our clients. For more information about how Capelle Associates can help your corporation contact us at the office nearest you.