Call to order – the President, Wib Antler, called the meeting to order and introduced the current CLPENS Executive plus the individuals who were standing for election.

Legal - the President introduced Jim Martin to speak on the current status of legal activity.

Mr. Martin introduced the three named plaintiffs (Alex Harvey, David Kidd, Jean Paul Marentette) in the CLPENS class action and representatives of the law firms which comprise the CLPENS legal team - Mark Zigler of Koskie Minsky LLP and Jonathan Foreman of Harrison Pensa LLP.

Mr. Zigler addressed the meeting. He advised that the CLPENS legal team had a case conference with the judge in September; that the Company must file a partial windup report by December 31, 2005; and that the certification hearing for the class action suit had been scheduled to commence February 20, 2006.

Other than these dates, Mr. Zigler advised that there was no certainty regarding the timetable on which legal activities would proceed. Also, as in any legal mater, there was no certainty regarding the ultimate results of our legal activities.

Mr. Zigler listed three main issues:

. Who owns the plan surplus?

As noted below, this issue is of immediate interest with respect to the partial windup group. However, it is an important issue for all plan members given the possibility of a full plan windup in the future. Furthermore, even in the absence of a full plan windup, confirmation that plan members own the plan surplus is an important consideration in confirming that funds are held for the sole benefit of plan members.

· Is the Company in violation in paying plan expenses with fund assets?

This issue applies to all individuals who were plan members from the time the Company started taking expenses from the fund until our class action is certified.

On this issue, Mr. Zigler noted that the Financial Services Commission of Ontario had become involved and had required the Company to suspend using plan assets to pay plan expenses pending a decision by the Ontario Superior Court of Justice with respect to this issue. Mr. Zigler saw this as a positive development for our side.

· How will surplus assets be distributed as a result of the partial plan windup?

There is no guarantee that surplus assets will be paid to members affected by the partial wind-up. The ownership of surplus assets will first have to be determined – likely through litigation. If it is determined the surplus belongs to the members of the plan and their beneficiaries, surplus assets will be distributed pursuant to the partial plan windup that the Company has declared.

While this issue only directly affects members of the partial windup group, as noted above, it is of interest to all plan members.

Mr. Zigler noted that the two law firms had accepted the CLPENS class action work on a contingency basis which means that the firms’ fees will be paid only if CLPENS is successful. He noted that other fees, such as those for actuarial services would be borne by CLPENS. Finally, he noted that the named plaintiffs were at risk in the event of an adverse judgment.

Mr. Zigler noted that all resolutions, including fees and settlements, had to be approved by the court.

Mr. Zigler advised that the CLPENS legal team would keep members advised via the Koskie Minsky LLP website; the Harrison Pensa LLP website; written communications; and a toll free telephone number.

Mr. Zigler answered a number of questions from the floor.

Supplementary Employee Retirement Plan (SERP) – the President introduced Fred Taggart who heads the CLPENS SERP sub-committee. Mr. Taggart described the Company’s recent announcement that it had partially wound up the SERP. SERP members who had terminated employment but who had deferred vested benefits under the SERP were affected.

Mr. Taggart listed three main considerations. Was the Company’s action legal? Was the Company’s settlement to affected members fair? What can be done about any illegal and/or unfair action? Mr. Taggart advised members that the CLPENS SERP subgroup would develop a method of communication to provide ongoing information on this subject.

Treasurer’s Report – the President introduced the CLPENS Treasurer, Gary Nummelin who provided the following year-end financial update:

Income $34,881.74

Expenses
2,454.90

Balance
$32,426.84

Membership Report – the President introduced Phil Davy, Membership Chairman, who provided the following year-end membership report:

Members 972

Voting members 259

Mr. Davy spoke of the need for CLPENS to make the strongest possible case in support of members’ rights and urged all attendees to become voting members and to encourage others to join our group.

He reminded the members that the $25 annual fee for voting members is now due. Cheques should be made payable to: “CLPENS Group” and sent to:

CLPENS Group

P.O. Box 37036

6502 Yonge St.

North York, Ont.

M2M 4J8

Mr. Davy singled out Suzanne Fecteau for special praise with respect to her work in translating CLPENS communications for our French-speaking members.

Elections – the President conducted the election of executive members. He noted that 33 proxies had been received from CLPENS members who were unable to attend in person. David Kidd and Fred Taggart were elected as new executive members and Brian Lynch and Jim Martin were re-elected as executive members for two-year terms.

Termination – there being no further business, the meeting was terminated.

General Meeting Minutes April 27, 2005

General Meeting Minutes October 5, 2004

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