Slater Stainless Corp. - March 21, 2007

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 a Declaration under section 83 of the PBA, respecting the Slater Stainless Corp. Pension Plan for Salaried  Members,  (the “Plan”)  Registration Number 979765

TO:                 

Hamish Dunlop
Senior Consultant
Morneau Sobeco Limited Partnership
895 Don Mills Road, Suite 800
One Morneau Sobeco Centre
Toronto, ON M3C 1W3

Administrator

AND TO:        

Paul Davis
Vice President
Slater Stainless Corp.
Markborough Place
6711 Mississauga Road, Suite 202
Mississauga, ON L5N 2W3    

Employer

AND TO:        

Jeff Rosenberg
PricewaterhouseCoopers Inc.
145 King Street West
Toronto, ON M5H 1V8

Receiver

NOTICE OF PROPOSAL TO MAKE A DECLARATION

I PROPOSE TO MAKE A DECLARATION under section 83 of the PBA  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 the PBA, and
   
   
2. 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  
   
   
3. The Plan was wound up effective August 30, 2004, and
   
   
4. There are reasonable and probable grounds that the funding requirements of the PBA and    regulations cannot be satisfied. Based on the latest estimate provided by the administrator, there is an estimated claim against the Pension Benefits Guarantee Fund of $20,652,000 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.

YOU are entitled to a hearing by the Financial Services Tribunal (the Tribunal) pursuant to section 89(6) of the PBA, if, within thirty (30) days after the 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 21st day of March, 2007

___________________________
K. David Gordon
Deputy Superintendent, Pensions

*    NOTE - Pursuant to section 112 of the PBA 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.