Actuarial Opinion

In my opinion, for the purposes of the valuations,

• The membership data on which the valuation is based are sufficient and reliable.

• The assumptions are appropriate.

• The methods employed in the valuation are appropriate.

This report has been prepared, and my opinion given, in accordance with accepted actuarial practice in Canada. It has also been prepared in accordance with the funding and solvency standards set by the Pensions Benefits