Introduction

To Transit Windsor:

At the request of Transit Windsor, we have conducted an actuarial valuation of the Contributory Pension Plan for Employees of Transit Windsor (the “Plan”), sponsored by Transit Windsor (the “Company”), as at the valuation date, December 31, 2019. We are pleased to present the results of the valuation.

Purpose

The purpose of this valuation is to determine:

• The funded status of the Plan as at December 31, 2019 on going concern, hypothetical wind-up, and solvency bases;

• The minimum required funding contributions from 2020, in accordance with the Pension Benefits Standards Act (the “Act”); and

• The maximum permissible funding contributions from 2020, in accordance with the Income Tax Act.

The information contained in this report was prepared for the internal use of the Company, and for filing with the Office of the Superintendent of Financial Institutions and with the Canada Revenue Agency, in connection with our actuarial valuation of the Plan. This report will be filed with the Office of the Superintendent of Financial Institutions and with the Canada Revenue Agency. This report is not intended or suitable for any other purpose.

In accordance with pension benefits legislation, the next actuarial valuation of the Plan will be required as at a date not later than December 31, 2020, or as at the date of an earlier amendment to the Plan depending on any funding implications.