OSFI Technology Initiative to Improve Processes, Information Management

Will Aid Regulator in its Role of Overseeing Financial Institutions
Cap Gemini Ernst & Young, Open Text, Formark to Work with OSFI

Ottawa, Ontario - 2003-11-10 - The Office of the Superintendent of Financial Institutions (OSFI), the regulator of federally registered financial institutions operating in Canada, will implement a new system to streamline, standardize and re-design internal processes and improve the management of information across the organization. OSFI will work with Cap Gemini Ernst & Young (CGE&Y) as its systems integrator for the initiative, and will utilize software solutions from Formark and Open Text Corporation (Nasdaq: OTEX, TSX: OTC). The solution will be based on Open Text s Livelink® software suite.

Called the Business Systems Integration Initiative (BSII), the project will allow OSFI to enhance its effectiveness in an increasingly complex and rapidly changing financial services industry. The BSII project will provide a new level of automation, so that OSFI employees can quickly and more efficiently manage regulatory processes, improve risk management supervision and speed responses to key stakeholders.

Cap Gemini Ernst & Young, one of the largest management and IT consulting firms in the world, brings to the project significant experience in re-designing business processes to ensure that the information infrastructure supports and enables the people with the expertise to focus on their work, not on the technology.

Open Text s Livelink, already in use within OSFI, provides integrated collaboration and content management software tools. Livelink offers a central repository for managing unstructured content (documents, online discussions and other materials), as well as process workflows and collaborative workspaces. These combined features allow clients to manage information, supervisory and regulatory processes and staff collaboration in a single place online.

Formark applications focus the power of Livelink into specific applications that automate and enforce the redesigned business process. "With the recent implementation of a Livelink-based Case Management System, the powerful combination of Formark and Livelink already had an excellent track record within OSFI," said Chris Darcy, Business Development Executive with Cap Gemini Ernst & Young Canada s Financial Sector practice. "Formark s ability to rapidly create easy-to-use Livelink applications tailored to each user s role in the process is a key element of this winning solution."

The Cap Gemini Ernst & Young Group is one of the world's largest providers of Consulting, Technology and Outsourcing services. The company helps businesses implement growth strategies and leverage technology. Early 2003, the organisation employed approximately 50,000 people worldwide and reported 2002 global revenues of 7.047 billion euros.

More information about individual service lines, offices and research is available at www.cgey.com

Cap Gemini Ernst & Young Canada is a leading Canadian management and information technology consulting firm, providing outsourcing capabilities, strategy and technology consulting services, systems integration and technology development on a global scale. Cap Gemini Ernst & Young Canada serves many of Canada s financial services companies. The firm also works on behalf of many of the country s leading consumer products, health care/life sciences, high tech, automotive, supply chain management, energy and utility, and telecom and media companies. Cap Gemini Ernst & Young Canada is headquartered in Toronto, and has offices in Vancouver, Calgary, Ottawa and Montreal. For company information visit www.ca.cgey.com

Open Text is the market leader in providing Enterprise Content Management (ECM) solutions that bring together people, processes and information in global organizations. Since launching the world's first Internet search engine and the first Web-based enterprise collaboration and knowledge management software, Open Text has continued its leadership in providing global enterprises with innovative and effective solutions. Throughout its history, Open Text has matched its tradition of innovation with a track record of financial strength and growth. Today, the company supports fifteen million seats across 10,000 deployments in 31 countries and 12 languages worldwide. Open Text s flagship product, Livelink® seamlessly combines collaboration with content management, helping organizations transform information into knowledge to provide the foundation for innovation, compliance and accelerated growth. For more information on Open Text and Livelink, go to: www.opentext.com and www.opentext.com/livelink.

Formark enables more business solutions to be built around Livelink®, the premier collaboration and knowledge management solution from Open Text Corporation. By making it easy for Livelink solutions to engage external user communities, exchange content and execute business processes, Formark makes Livelink the right answer for a much broader set of problems. For more information about Formark solutions, visit www.formark.com.

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For more information, please contact

Carolyn Rouse
Manager, Public Relations
Cap Gemini Ernst & Young
(416) 941-1819
Carolyn.rouse@cgey.com

Bob Richards
Vice President, Sales and Marketing
Formark Ltd
+1-613-599-5173 ext. 230
brichards@formark.com

Richard Maganini
Open Text Corporation
1-847-961-0662
rmaganin@opentext.com