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Ivaco Inc. - February 6, 2007

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

AND IN THE MATTER of an amended Proposal of the Superintendent of Financial Services to make a Declaration under section 83 of the Act, respecting the Pension Plan for Salaried Employees of Ivaco Inc. and Participating Subsidiary Companies (the “Plan”) Registration Number 0410357.

TO:

Andre Cromp
President of the Pension Committee
Ivaco Inc.
3400, boul. de Maisonneuve Ouest
1, Place Alexis Nihon, bureau 1501
Montréal, Québec H3Z 3B8

Administrator

AND TO:

Andre Cromp
Ivaco Inc.
3400, boul. de Maisonneuve Ouest
1, Place Alexis Nihon, bureau 1501
Montréal, Québec H3Z 3B8

Employer

AND TO:

Jeff Kerbel
Ernst & Young
Ernst & Young Tower
222 Bay Street, P.O. Box 251
Toronto, ON M5K 1J7

Court Appointed Monitor


AMENDED NOTICE OF PROPOSAL TO MAKE A DECLARATION

I PROPOSE TO MAKE A DECLARATION under section 83 of the Act that the Pension Benefits Guarantee Fund applies to the Plan for the following reasons and such further reasons that may come to my attention:

1. The Plan is registered under Quebec’s Supplemental Pension Plans Act, a designated province stipulated under section 1 of the Act

2. The Plan provides defined benefits that are not exempt from the application of the Pension Benefits Guarantee Fund by the Act or the regulations made thereunder

3. The Plan was wound up effective December 1, 2004, and

4. There are reasonable and probable grounds that the funding requirements of the Act and regulations cannot be satisfied. The Ontario Wind Up Liability of the Plan, exceeds the Ontario assets of the Plan as of the wind up, resulting in a deficit (the “Ontario deficit”). The administrator has estimated the Ontario deficit in the Plan at the wind up date to be $16,372,000. Based on the latest actuarial certification, there is an estimated claim against the Pension Benefits Guarantee Fund of $10,002,000. 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.


YOU are entitled to a hearing by the Financial Services Tribunal (the Tribunal) pursuant to section 89(6) of the Act, if, within thirty (30) days after this amended Notice of Proposal is served on you, you deliver to the Tribunal a written notice that you require a hearing.* Any notice requiring a hearing shall be delivered to the:

Financial Services Tribunal
5160 Yonge Street
14th Floor
Toronto, Ontario
M2N 6L9

Attention: The Registrar


FOR FURTHER INFORMATION, contact the Registrar of the Tribunal by phone at 416- 226-7752, toll free at 1-800-668-0128, ext. 7752, or by fax at 416-226-7750.

IF YOU DO NOT DELIVER TO THE TRIBUNAL, WITHIN THIRTY (30) DAYS FROM THE DATE THIS NOTICE OF PROPOSAL IS SERVED ON YOU, A WRITTEN NOTICE THAT YOU REQUIRE A HEARING, I MAY MAKE THE ORDER PROPOSED HEREIN.

DATED at Toronto, Ontario, this 6th day of February, 2007.

K. David Gordon
Deputy Superintendent, Pensions

 

*NOTE - Pursuant to section 112 of the Act any Notice, Order or other document is sufficiently given, served or delivered if delivered personally or sent by first class mail and any document sent by first class mail shall be deemed to be given, served or delivered on the seventh day after the date of mailing.