May 25, 2009

Michael Nobrega addressed SC questions about third-party fund management.

All 14 appointments to the AC Board were concluded, and the named appointees listed in By-Law #13-01 and By-Law #13-02.

Further to previous submissions regarding the annual valuation and solvency ratios, a revised valuation for the Primary Plan was received from the AC.

The SC agreed to file the 2008 Valuation for the Supplemental Plan, to allow for an additional three years of experience before the next mandatory filing.

Human Resource policies for staff and a Code of Conduct governing staff and SC Members were recommended by the HRCC and approved by the SC.

In accordance with the protocols outlined in By-Law #12 for considering specified plan change proposals, the 2009 Compendium of Specified Plan Change Proposals had been distributed to the SC immediately after the conclusion of the amendment period and more than 10 days in advance of the next SC meeting. Additional technical requests for information were approved and all proposals deferred to the June 22nd meeting for decision.