Dow Chemical Canada Inc. Sarnia Division Hourly Employees' Pension Plan - October 18, 2006

AND IN THE MATTER OF a Proposal of the Superintendent of Financial Services to Refuse to Consent to a Transfer of Assets under section 80 of the Act relating to the transfer from the Dow Chemical Canada Inc. Sarnia Division Hourly Employees’ Pension Plan, Registration Number 366609, to the TransAlta Corporation Pension Plan, Alberta Registration Number 276209.

TO:

Dow Chemical Canada Inc.
1425 South Vidal Street
Box 3030
Sarnia, Ontario
N7T 8C6

Attention: Employer and Administrator

ORDER

ON or about the 10th day of August, 2006, the Superintendent of Financial Services (the “Superintendent”) issued a NOTICE OF PROPOSAL TO REFUSE TO CONSENT (the “Notice of Proposal”) to the Employer and Administrator of the Dow Chemical Canada Inc. Sarnia Division Hourly Employees’ Pension Plan, Registration Number 366609 (the “Plan”) wherein he proposed to refuse to consent to a transfer of assets effective March 29, 2002, from the Plan to the TransAlta Corporation Pension Plan, Alberta Registration Number 276209 (the “TransAlta Plan”), under section 80 of the Act.

ON or about the 15th day of September, 2006, Towers Perrin HR Services requested
a hearing before the Financial Services Tribunal on behalf of TransAlta Corporation.

ON or about the 26th day of September, 2006, Towers Perrin HR Services rescinded
its request for a hearing by the Financial Services Tribunal.

NO other request for a hearing has been filed or delivered.

THEREFORE the Superintendent:

REFUSES to consent to a transfer of assets effective March 29, 2002, from the Dow
Chemical Canada Inc. Sarnia Division Hourly Employees’ Pension Plan, Registration Number 366609 (the “Plan”), to the TransAlta Corporation Pension Plan, Alberta Registration Number 276209, under section 80 of the Act.

DATED at Toronto, Ontario, this 18th day of October, 2006.

c.c. Watson Wyatt Canada
One Queen Street East, Suite 1100
Toronto ON M5C 2Y4

Attention: Trevor Cartlidge, Actuary

Towers Perrin
175 Bloor Street East
South Tower, Suite 1701
Toronto ON M4W 3T6

Attention: Philip A. Morse, Principal