April 9, 2009
We are pleased to advise that, following the release of the decision of the Financial Services Tribunal in the Montreal Trust Case, and after further discussions with National Trust concerning the final implementation of the Surplus Sharing Agreement, we have been advised by National Trust that they intend to wind up the National Trust Plan within the coming months. While the steps going forward are subject to regulatory approval, we are optimistic that this matter is now set to proceed through the final stages to distribution. Many members have contacted the Committee and Koskie Minsky LLP concerning the impact of recent events in international financial markets on the surplus in the National Trust Plan. We have been advised by National Trust that steps have been taken to ensure the Plan’s surplus assets are not exposed to high risk investments, such as equities, and that as such, the surplus available for sharing between National Trust and members has not been materially impacted by these recent events, and remains, as of December 31, 2008, comparable to the amounts previously provided to you at the time of our information sessions.