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Long-term liabilities includes $15.7 million related to an unfunded executive retirement plan which is supported by an outstanding letter of credit of $22.7 million at December 31, 2004. 

In December 2003, in order to reduce the unfunded status, the company made an incremental contribution of $23.0 million to its Canadian deferred benefit pension plans. This contribution was in addition to the required annual employer contributions. 

The effect of a 1% increase or decrease in significant assumptions used for the company’s pension and post employment benefit plans would result in an increase (decrease) in the net benefit expense and accrued benefit obligation at December 31, 2004: 

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Pension plan assets, measured as at December 31, are as follows: 

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The company measures the accrued benefit obligations and the fair value of the Plans’ assets for accounting purposes as at December 31 of each year The most recent actuarial valuation of the Plans’ for funding purposes was performed as at December 31, 2003 and the next required valuation will be as at December 31, 2006. 

