Pension Plan for Employees of The Ravelston Corporation Limited - September 3, 2008.

IN THE MATTER OF the Pension Benefits Act, R.S.O. 1990, c. P.8, as amended (the “PBA”);

AND IN THE MATTER of a Proposal of the Superintendent of Financial Services to make an Order under section 83 and 89 of the PBA, respecting the Pension Plan for Employees of The Ravelston Corporation Limited, Registration Number 219006.

TO:

Al Kiel
Partner
Morneau Sobeco Partnership Limited
895 Don Mills Road, Suite 700
One Morneau Sobeco Centre
Toronto ON M3C 1W3

Administrator

AND TO:

Robert Kofman
RSM Richter Inc.
200 King Street West
Suite 1100
Toronto ON M5H 3T4

Interim Receiver, Receiver and Manager, and Monitor

DECLARATION

No request requiring a hearing was delivered to the Financial Services Tribunal within the time prescribed by subsection 89(6) of the PBA respecting a Notice of Proposal to make a Declaration that the Pension Benefits Guarantee Fund applies to the Pension Plan for Employees of The Ravelston Corporation Limited (the “Plan”).

I DECLARE pursuant to sections 83 and 89 of the PBA that the Pension Benefits Guarantee Fund applies to the Plan for the following reasons:

REASONS:

The Plan is registered under the PBA, and
The Plan provides defined benefits that are not exempt from the application of the Pension Benefits Guarantee Fund by the PBA or the Regulations made thereunder, and
The Plan was wound up effective December 31, 2005, and
There are reasonable and probable grounds that the funding requirements of the PBA and regulations cannot be satisfied. Based on the latest actuarial certification, there is an estimated claim against the Pension Benefits Guarantee Fund of $2,238,200 as at December 31, 2006. If funds become available from the estate of the employer, the administrator will be required to make an appropriate refund of any allocation amount received by the Plan from the Pension Benefits Guarantee Fund