CGI ACHIEVES SOLID GROWTH IN FISCAL 2003

Read more about our F2003 financial results

CGI Group Inc. (NYSE: GIB; TSX: GIB.A), a leading provider of end-to-end information technology and business processing services, today reported audited results for the year ended September 30, 2003. All figures are in Canadian dollars unless otherwise indicated.

Fiscal Year 2003 Highlights

• Revenue of $2,719.7 million was 25.4% higher than in fiscal 2002.
• Net earnings increased 30.6% to $177.4 million compared with net earnings reported for fiscal 2002.
• Basic and diluted earnings per share of $0.45 for fiscal 2003 were up over basic and diluted earnings per share of $0.36 reported for fiscal 2002.
• The EBIT margin increased to 11.0%, from 10.7% the previous year, and the net earnings margin increased to 6.5% from 6.3% in 2002.
• Cash flow from continuing operating activities improved 29.3% to $229.5 million for the year. Free cash flow was $168.6 million, up 9.5% over last year.
• The current backlog of signed contracts stands at $12.3 billion with a weighted average remaining contract term of 8.3 years.
• The current pipeline of bids for large outsourcing contracts being reviewed by potential clients remains robust at $5 billion.

"In addition to achieving impressive financial results in fiscal 2003, we further expanded our critical mass, added market presence and vertical expertise and enhanced our services offering, even in the face of a difficult economic climate," said Serge Godin, Chairman and CEO. "As a result of our strengthened strategic alliance with BCE, announced in July, the control of CGI rests clearly with its management team. With this agreement behind us, we have been able to completely focus on achieving strong growth in all of our markets, especially for large IT and business process outsourcing opportunities."

In fiscal 2003, CGI made three niche and two large acquisitions and booked $4.0 billion in contract wins, renewals and extensions, compared with $3.5 billion of bookings in 2002. During the year, CGI and its affiliated companies integrated more than 5,400 new members and now employ 20,000 people around the world.

Fourth Quarter Results (See also: Q4 MD&A filed with Sedar & Edgar and available at www.cgi.com)
Revenue for the fourth quarter ended September 30, 2003 increased 21.4% to $694.2 million, from $571.9 million in the same quarter last year, but was down 3.1% sequentially over third quarter revenue of $716.2 million. On a constant currency basis, year-over-year organic revenue growth in the quarter was 2.5%. The currency exchange rate, mainly between the Canadian and US dollars, impacted year-over-year growth by 2.6%. Compared to the third quarter, revenue was impacted primarily by the seasonality of summer vacations, and to a lesser extent by the power outage in Ontario and parts of the US, as well as currency fluctuations.

Consistent with the Company's decision to reevaluate all contracts and assets acquired from Cognicase, CGI made a decision in the fourth quarter to sell certain operations representing annualized revenue of approximately $65 million. The sale of certain assets to Nexxlink, announced on October 21, 2003, represented approximately $40 million in revenue and the balance relates to non-core operations that the Company is in the process of selling. In line with generally accepted accounting principles ("GAAP") with respect to the disposal of long-lived assets and discontinued operations, CGI's second, third and fourth quarter fiscal 2003 results reflect financial results with and without the impact of these discontinued operations. The impact on revenue was a reduction of $15.9 million in the fourth quarter of fiscal 2003, $17.9 million in the third quarter and $15.8 million in the second. Consequently, revenue was $694.2 million in the fourth quarter, $716.2 million in the third quarter and $720.3 million in the second quarter.

In the fourth quarter, revenue from long-term outsourcing contracts represented 76% of the Company's total revenue, including 21% from business processing services, while project oriented consulting and systems integration work represented 24%. Geographically, clients in Canada represented 79% of revenue; clients in the US represented 16%; and all other regions, 5%. Revenue from clients in the financial services sector remained strong, representing 43% of revenue; while telecom represented 19%; manufacturing, retail and distribution clients, 14%; government clients, 13%; utilities and services, 10%; and healthcare, 1%.

Earnings before interest, income taxes, entity subject to significant influence and discontinued operations ("EBIT") was $81.1 million in the fourth quarter, up 34.9% over last year's fourth quarter EBIT of $60.1 million, and up 1.2% over third quarter EBIT of $80.1 million. The EBIT margin improved to 11.7% for the quarter, compared with 10.5% in last year's fourth quarter and 11.2% in the third quarter.

Net earnings from continuing operations in the fourth quarter increased 35.1% to $48.0 million, compared with net earnings from continuing operations of $35.5 million in the same period of 2002, and increased 2.6% from comparable net earnings of $46.8 million in the third quarter. The net earnings margin from continuing operations improved to 6.9% in the fourth quarter, compared with 6.2% last year and 6.5% in the third quarter. Basic and diluted earnings per share from continuing operations were $0.12 in the fourth quarter, against comparable basic and diluted earnings per share of $0.09 in last year's fourth quarter and $0.12 in the third quarter. The year-over-year increase in net earnings and the significant improvement in the net earnings margin were a function of several factors including the improved profitability of the Company's US and European operations, tighter cost management company-wide and the actions taken to discontinue less profitable operations or contracts over the last several quarters.

Strong cash flow from continuing operating activities of $102.7 million allowed the Company to pay down $90.0 million of its credit facilities during the quarter. Although not a measure in accordance with GAAP, free cash flow, defined by the Company as cash provided by continuing operating activities less fixed asset acquisitions, was $90.9 million. CGI maintains a strong balance sheet. At September 30, 2003, cash and cash equivalents were $83.5 million and the total credit facility available amounted to $313.2 million.

Fourth Quarter Operating Highlights
CGI's growth prospects and solid backlog were further improved during the quarter as a result of various investments and operational initiatives. In the quarter, CGI:

• Announced contract bookings of $2.2 billion, including new contracts, extensions and renewals of $752.3 million and extensions with the BCE family of $1.5 billion.
• Announced with BCE that Bell Canada and CGI had extended their current IS/IT outsourcing agreements and renewed and expanded their commercial alliance designating Bell Canada as CGI's preferred telecom services provider and adding a new network management agreement.
• Announced the signing of a two-year extension to an outsourcing agreement with the Caisse de dépôt et placement du Québec, worth $40 million.
• Signed a seven-year, IT outsourcing contract with Bombardier Aerospace, worth $210 million.
• Signed a two-year extension to a 10-year IT outsourcing contract with National Bank of Canada. CGI's contract will last until June 2012 and is valued at approximately $60 million per year.
• Announced the appointment of Clarence J. Chandran as President, Business Process Services (BPS) and Chairman of the Board (India operations). Mr. Chandran, based in Andover, MA, brings a wealth of leadership experience and a global network of customer and business relationships to CGI.

Guidance and Outlook
As stated in October, CGI expects revenue and earnings per share to grow between 8% and 17% in fiscal 2004. This guidance is based on information known today about market conditions and demand for its services and excludes the impact of any acquisition or large outsourcing contract contributing more than $100 million per year in revenue or the impact of significant foreign currency fluctuations.

Mr. Godin added, "We are very confident about our outlook, as we see the beginning of an economic turnaround and as our disciplined efforts to increase organic growth are starting to pay off. In the fourth quarter, which is usually a quieter period, our sales funnel increased significantly over the previous three months."

"We will continue to manage costs very closely, based on our well defined operational and management ratios. We will persistently monitor all operations to ensure that they are consistent with targeted profitability levels, so that we remain one of the industry's top performing companies. And, we will pursue our four pillars of growth strategy by winning smaller contracts, renewals and add-on projects, securing large IT and business process outsourcing contracts, and making niche as well as large, strategic acquisitions."

Quarterly Conference Call
A conference call for the investment community will be held today, November 11, at 9:00 am (Eastern Time). Participants may access the call by dialing 888-575-8230 or through the Internet at www.cgi.com. Supporting slides for the call will also be available at www.cgi.com. For those unable to participate on the live call, a webcast and copy of the slides will be archived at www.cgi.com.

Forward-Looking Statements
All statements in this press release that do not directly and exclusively relate to historical facts constitute "forward-looking statements" within the meaning of that term in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. These statements represent CGI Group Inc.'s intentions, plans, expectations, and beliefs, and are subject to risks, uncertainties, and other factors, of which many are beyond the control of the Company. These factors could cause actual results to differ materially from such forward-looking statements.

These factors include and are not restricted to the timing and size of contracts, acquisitions and other corporate developments; the ability to attract and retain qualified employees; market competition in the rapidly-evolving information technology industry; general economic and business conditions, foreign exchange and other risks identified in the Management's Discussion and Analysis (MD&A) in CGI Group Inc.'s Annual Report or Form 40-F filed with the SEC, the Company's Annual Information Form filed with the Canadian securities authorities, as well as assumptions regarding the foregoing. The words "believe", "estimate", "expect", "intend", "anticipate", "foresee", "plan", and similar expressions and variations thereof, identify certain of such forward-looking statements, which speak only as of the date on which they are made. In particular, statements relating to future growth are forward-looking statements. CGI disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on these forward-looking statements.

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For more information:

CGI Investor Relations
Julie Creed
Vice-president, investor relations
(312) 201-4803 or (514) 841-3418

Ronald White
Director, investor relations
(514) 841-3230

CGI Media Relations
Eileen Murphy
Director, Media Relations
(514) 841-3430