2004 Recipient—Eric Newell

CALGARY, October 7, 2004 – Eric Newell, former Chairman and CEO of Syncrude Canada Ltd. and Chancellor of the University of Alberta, will receive The Conference Board of Canada's 2004 Honorary Associate Award this evening in recognition of a stellar career in business and service to the community.

"Eric Newell is widely and deservedly known as a model corporate citizen," said Anne Golden, President and CEO of the Conference Board. "Under his leadership, Syncrude grew into a key player in the Canadian economy and an increasingly significant source of energy supply for the entire nation. Syncrude also became a model of a reliably-operated, environmentally efficient and socially responsible corporation that shares its success with the communities in which it operates."

The Honorary Associate Award is the Conference Board's highest honour. It is conferred annually upon an individual who has served both his organization and his country with distinction. Honorary Associates become voting members of the corporation.

Mr. Newell was appointed Chief Executive Officer of Syncrude Canada Ltd. in 1989 and also became Chairman of the Board in 1994, before retiring in 2003. During Mr. Newell's tenure, Syncrude surpassed the billion barrel production benchmark and it is on track to produce 20 percent of Canada's crude oil by 2007.

In June 2004, he was named Chancellor of the University of Alberta, after having previously served on its Board of Governors from 1996 to 2002—the last four of those years as chair. Mr. Newell is well respected for his support of business and education partnerships, such as Careers: The Next Generation Foundation, which he founded and chairs. This industry-driven public-private partnership helps provide Alberta's youth with options for rewarding careers that also meet the needs of industry. Since 1997, the program has taken more than 100,000 young people through career workshops and the number of apprentices in Alberta has doubled from 20,000 to more than 40,000.

Mr. Newell holds directorships with several large Canadian companies. He served on the Conference Board's Board of Directors for 10 years and was Chairman of the Board from 2000 to 2002.

"During his tenure on our board, Eric Newell provided the Conference Board with wise counsel, which proved invaluable to meeting our mission of building leadership capacity for a better Canada," said Golden.

Mr. Newell is an Officer of the Order of Canada, a member of the Alberta Order of Excellence and has received numerous professional awards.