On April 26, 2006, Ivaco Inc. through its monitor Ernst & Young Inc. (the “Applicant”) requested a hearing regarding the Notice of Proposal of the Deputy Superintendent, Pensions, dated March 27, 2006, proposing to make a declaration under s.83 of the Pension Benefits Act (the “Act”) that the Pension Benefits Guarantee Fund applies to the Plan for the following reasons:

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

This matter stands adjourned due to a stay of proceedings by order of the Ontario Superior Court of Justice issued pursuant to the Companies’ Creditors Arrangement Act, R.S.C. 1985, c. C-36.

Updated to May 31, 2007

On February 28, 2007, the Applicant withdrew the Request for Hearing.

Updated to April 2, 2007

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