Pension Plan for Slater Stainless Corp. Members of the National Automobile, Aerospace, Transporation and General Workers Union (CAW-Canada) - February 24, 2006

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 Order made by the Superintendent of Financial Services under section 83 of the Act, respecting the Pension Plan for Slater Stainless Corp. Members of the National Automobile, Aerospace, Transportation and General Workers Union (CAW-Canada) (the “Plan”) Registration Number 0561456.

TO:

David R. Kearney
Principal
Morneau Sobeco Limited Partnership
895 Don Mills Road, Suite 700
One Morneau Sobeco Centre
Toronto, ON M3C 1W3

Administrator

AND TO:

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

Employer

AND TO:

Jeff Rosenberg
PricewaterhouseCoopers Inc.
145 King Street West
Toronto, ON M5G 1V8

Trustee in Bankruptcy

AND TO:

Sym Gill
National Representative
CAW Canada
250 Placer Court
Toronto, ON M2H 3M9

Union Representative

ALLOCATION

WHEREAS on February 21, 2006, the Director, Pension Plans Branch, by order and by delegated authority from the Superintendent of Financial Services declared, pursuant to sections 83 and 89 of the Act, that the Pension Benefits Guarantee Fund (the “Guarantee Fund”) applies to the Pension Plan;

NOW THEREFORE I shall allocate from the Guarantee Fund and pay to the Pension Plan, pursuant to subsection 34(7) of R.R.O. 1990, Reg. 909, under the Act (the “Regulation”), an amount not to exceed $73,911,800 which together with the Ontario assets of the Pension Plan, will provide for the benefits determined in accordance with section 34 of the Regulation. Any money allocated from the Guarantee Fund but not required to provide such benefits shall be returned to the Guarantee Fund.

DATED at Toronto, Ontario, this 24th day of February, 2006.

K. David Gordon
Deputy Superintendent, Pensions