Filed by Sherritt Coal Acquisition Inc.
Filed pursuant to Rules 165 and 425 promulgated under
the Securities Act of 1933, as amended
Subject Company: Fording Inc.
Subject company's Commission File No: 1-15230
SHERRITT COAL PARTNERSHIP II'S
SUPERIOR OFFER FOR FORDING
DECEMBER 2002
NOTE TO INVESTORS
--------------------------------------------------------------------------------
IN CONNECTION WITH THE PROPOSED BUSINESS COMBINATION, SHERRITT COAL ACQUISITION
INC. (AN AFFILIATE OF SHERRITT COAL PARTNERSHIP II) HAS FILED WITH THE U.S.
SECURITIES AND EXCHANGE COMMISSION A SCHEDULE 14D-1F/A, AND SHERRITT
INTERNATIONAL CORPORATION AND CANADIAN COAL TRUST WILL FILE A REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OF 1933, EACH CONTAINING AN OFFER AND
CIRCULAR RELATING TO THE PROPOSED BUSINESS COMBINATION DESCRIBED IN THIS
PRESENTATION. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THESE DOCUMENTS
BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT SHERRITT COAL ACQUISITION INC.,
SHERRITT INTERNATIONAL CORPORATION, CANADIAN COAL TRUST, FORDING INC. AND THE
PROPOSED BUSINESS COMBINATION. THE OFFER AND CIRCULAR HAVE BEEN SENT TO SECURITY
HOLDERS OF FORDING. COPIES OF THE DOCUMENTS AS WELL AS OTHER SEC FILINGS OF
SHERRITT COAL ACQUISITION INC., SHERRITT INTERNATIONAL CORPORATION AND CANADIAN
COAL TRUST MAY BE OBTAINED, FREE OF CHARGE, FROM THE SEC'S WEBSITE AT
WWW.SEC.GOV AS WELL AS FROM SHERRITT COAL ACQUISITION INC. BY DIRECTING A
REQUEST TO INVESTOR RELATIONS, 1133 YONGE STREET, TORONTO, ONTARIO, CANADA M4T
2Y7, TELEPHONE (416) 934-7655.
2
SAFE HARBOR / FORWARD-LOOKING STATEMENTS
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THIS PRESENTATION CONTAINS FORWARD-LOOKING STATEMENTS. THESE FORWARD-LOOKING
STATEMENTS ARE NOT BASED ON HISTORICAL FACTS, BUT RATHER ON CURRENT EXPECTATIONS
AND PROJECTIONS ABOUT FUTURE EVENTS. THESE FORWARD-LOOKING STATEMENTS ARE
SUBJECT TO RISKS AND UNCERTAINTIES. THESE RISKS AND UNCERTAINTIES COULD CAUSE
ACTUAL RESULTS TO DIFFER MATERIALLY FROM THE FUTURE RESULTS EXPRESSED OR IMPLIED
BY THE FORWARD-LOOKING STATEMENTS.
THIS PRESENTATION DOES NOT CONSTITUTE AN OFFER TO SELL SECURITIES IN ANY
JURISDICTION.
3
THE OFFERS
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OUR SUPERIOR OFFER FORDING / TECK PROPOSAL
------------------------------- ------------------------------------
Offer - Choice of: - Choice of:
- $35.00 a share in cash, up - $34.00 a share in cash,
to $850mm, or up to $795mm, or
- 1 Exchange Right - 1 Unit, up to approximately
convertible into 1 Unit, up equal to 27.6mm Units
to approximately equal to issued, or
42.4mm issued, or
- A combination of the above - A combination of the above
Max Cash - $17.63 Cash + 0.496 Right - $15.60 Cash + 0.541 Unit
proration 1) - Illustrative Value: $35.00(3) - Illustrative Value: $34.00(3)
Max Unit - $6.13 Cash + 0.825 Exchange - $15.60 Cash + 0.541 Unit
proration 2) Right and approximately equal - Illustrative Value: $34.00(3)
to $3.00 one-time cash
distribution
- Illustrative Value: $38.00(3)
FD Units - 57.8mm(4) - Approximately equal to 70.3mm
units(5)
(1) ASSUMES EVERY SHAREHOLDER ELECTS CASH (OTHER THAN TEACHERS' IN THE CASE
OF OUR SUPERIOR OFFER)
(2) ASSUMES EVERY SHAREHOLDER ELECTS UNITS
(3) ASSUMES ILLUSTRATIVE VALUE OF UNIT EQUALS VALUE OF CASH PORTION
(4) ASSUMES THE CONVERSION OF SCP II'S INTEREST INTO UNITS TOGETHER WITH THE
UNITS ISSUED TO LUSCAR AND CONSOL FOR METCOAL ASSETS AND THE LUSCAR MINE
(5) ASSUMES TECK CONVERTS ITS FORDING COAL PARTNERSHIP STAKE INTO FORDING
TRUST UNITS AND FORDING TRUST SETTLES INDEBTEDNESS ADJUSTMENT WITH
UNITS. ALSO INCLUDES EFFECT OF 3.6MM UNIT MANAGEMENT OPTION PLAN
4
IMPORTANT CONDITIONS TO OUR SUPERIOR OFFER
--------------------------------------------------------------------------------
X FORDING SHAREHOLDERS MUST REJECT THE CURRENT FORDING / TECK PROPOSAL ON
JANUARY 3, 2003 (TEACHERS' WILL VOTE AGAINST IT)
X FORDING SHAREHOLDERS MUST TENDER A MINIMUM OF 66 2/3% OF THE OUTSTANDING
SHARES (TEACHERS' WILL TENDER FOR EXCHANGE RIGHTS)
X NO "NON-ARMS LENGTH" COMMITMENT TO WESTSHORE
X OTHER NORMAL CONDITIONS AND REGULATORY APPROVALS
5
SHERRITT COAL PARTNERSHIP'S OFFER IS SUPERIOR
--------------------------------------------------------------------------------
MORE ATTRACTIVE CONSIDERATION OFFERED
X Higher cash amount per share ($35.00 vs. $34.00)
X More cash delivered to shareholders in max cash scenario ($17.63 vs. $15.60)
X More potential initial value delivered to shareholders in max unit scenario
($38.00 vs. $34.00)(1)
X $1.05 distribution target for the first quarter with greater cost savings
opportunity
X Subordination supports $1.05 cash distribution in each quarter of 2003
X Substantially less indebtedness in Trust
X No risk of dilution from "Teck-type" conversion
OUR TRUST IS SUPERIOR TO THE FORDING / TECK TRUST
X Added cost savings from closer geographic proximity, Neptune terminal and
B.C. mineral tax pool
X No currency hedge liabilities
X Corporate governance aligned with unitholders
X Lower corporate overhead costs
(1) ASSUMES UNIT VALUE EQUALS CASH VALUE. INCLUDES APPROXIMATELY $3.00
ONE-TIME CASH DISTRIBUTION FOR SHERRITT COAL PARTNERSHIP II'S SUPERIOR
OFFER
6
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STRONGER DISTRIBUTABLE CASH FLOW POTENTIAL
------------------------------------------------------------------------------
ESTIMATED PRO FORMA DISTRIBUTABLE CASH FLOW PER UNIT PLUS COST SAVINGS PLUS
IMPROVED VOLUME
CANADIAN COAL TRUST FORDING / TECK TRUST
------------------------------ ------------------------------
IMPROVED VOLUME $0.40 $0.69
COST SAVINGS $0.87 $0.41
PRO FORMA DISTR. CF PER UNIT $3.40 $3.07
----- -----
TOTAL $4.67 $4.17
===== =====
SOURCE: BASED ON ANNUALIZED PRO FORMA 9/30/02 DISTRIBUTABLE CASH PER UNIT
PLUS COST SAVINGS PLUS ESTIMATED VOLUME IMPROVEMENTS. SEE APPENDIX FOR
CALCULATION DETAILS
7
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FORDING / TECK TRANSACTION STRUCTURE
------------------------------------------------------------------------------
[GRAPHIC]
(1) ASSUMING APPROXIMATELY 50.9 MILLION COMMON SHARES ARE OUTSTANDING ON A
FULLY DILUTED BASIS, UPON COMPLETION OF THE ENHANCED ARRANGEMENT, THE
PARTICIPATING SHAREHOLDERS WILL OWN APPROXIMATELY 73.4% OF THE
OUTSTANDING UNITS
(2) NEW FORDING WILL BE THE CONTINUING CORPORATION RESULTING FROM THE
AMALGAMATIONS OF FORDING, FCL AND SUBCO
(3) NEW FORDING WILL HOLD 62.3% AND TECK WILL HOLD 37.7% OF THE FORDING COAL
PARTNERSHIP UNITS
(4) NEW FORDING WILL HOLD A SINGLE VOTING SHARE IN MINERA NYCO S.A. DE
C.V. IN ORDER TO COMPLY WITH MEXICAN CORPORATE LAW WHICH REQUIRES
THAT CORPORATIONS SUCH AS MINERA NYCO S.A. DE C.V. HAVE AT LEAST TWO
SHAREHOLDERS
8
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SHERRITT/TEACHERS' TRANSACTION STRUCTURE
A SIMPLER STRUCTURE
------------------------------------------------------------------------------
[GRAPHIC]
(1) EXCHANGEABLE AFTER ONE YEAR INTO EQUIVALENT UNITS OF CANADIAN COAL TRUST
(2) ASSUME LUSCAR AND CONSOL EXERCISE PUT
9
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SHERRITT/TEACHERS' ASSET TRANSFER OVERVIEW
------------------------------------------------------------------------------
METCOAL ASSET TRANSFER(1) AND LUSCAR
FORDING PRAIRIE ASSET TRANSFER MINE PUT(2)
------------------------------------- ------------------------------------
[GRAPHIC] [GRAPHIC]
- Proceeds consist of the amount - Estimated value of $224mm ($35
necessary to pay (i) FDG existing unit valuation)
debt and transaction fees (is
approximately equal to $166mm), - Attractive businesses with
(ii) hedge cancellation fees (is potential upside
approximately equal to $115mm) and
(iii) break-up fees ($51mm), net - Includes approximately $300mm
of $90mm of bridge loan proceeds of Line Creek mineral tax pool
- Annuity type business with
limited upside
- Assets to be conveyed in a tax
neutral manner
(1) CONSISTS OF 100% OF LINE CREEK MINE, 100% OF CHEVIOT MINE PROJECT
(UNDEVELOPED) AND 46% STAKE IN NEPTUNE TERMINAL. CONSIDERATION ALSO
INCLUDES A 2.5% ROYALTY PAYMENT IF THE CHEVIOT MINE PROJECT WERE EVER
DEVELOPED
(2) LUSCAR MINE PUT CONSISTS OF LUSCAR AND CONSOL'S RIGHT TO SELL THE MINE
TO THE CANADIAN COAL TRUST FOR 0.25MM UNITS EACH. MOST RECLAMATION
LIABILITIES ASSOCIATED WITH THE LUSCAR MINE WILL BE RETAINED BY LUSCAR
AND CONSOL
10
CANADIAN COAL TRUST
INVESTMENT HIGHLIGHTS
------------------------------------------------------------------------------
STRONG BUSINESS CASE FOR DISTRIBUTION TARGET
------------------------------------------------------------------------------
TARGET 1Q TARGET 1Q CANADIAN
2003(1) 2003 COAL TRUST'S ADVANTAGES
--------------- ---------------- --------------------------------------
[GRAPHIC] [GRAPHIC] - Greater cost savings opportunity
- is approximately equal to 1/3
of expected cost savings to
be realized in 2003
- Cost savings after 2003
expected to increase annual
distributed cash flow per
unit by approximately $0.60
- Less risk from lower debt and
interest cost
- No hedge exposure
- Eliminates significant capex from
Fording Prairie operations(2)
- Upside potential from improved
Line Creek mine and Cheviot mine
project
(1) CANADIAN COAL TRUST WILL HAVE A TARGET DISTRIBUTION OF $1.05 FOR THE FIRST
QUARTERLY DISTRIBUTION FOR 2003, AND SUBORDINATION BY THE PARTNERSHIP TO
SUPPORT A $1.05 DISTRIBUTION IN EVERY QUARTER OF 2003
(2) FORDING PRAIRIE INCLUDES SIGNIFICANT LEVELS OF CAPEX ASSOCIATED WITH NEW
CUSTOMER CONTRACTS
12
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CANADIAN COAL TRUST'S SUBORDINATION
PROVIDES DOWNSIDE PROTECTION
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DESCRIPTION BENEFITS
------------------------------------ ---------------------------------------
- Unitholders will receive a $1.05 - More certain cash flow distribution
quarterly distribution per quarter to unitholders
before SCPII receives its
distribution - Demonstrates Sherritt / Teachers'
- SCPII's subordination each quarter confidence that distributable cash
will be capped at $11.25mm flow of $1.05 per quarter will be
- Subordination will be provided for achieved
quarterly distributions in 2003
ILLUSTRATIVE IMPACT ON 2003E ANNUAL DISTRIBUTABLE CASH FLOW PER UNIT
------------------------------------------------------------------------------
[GRAPHIC]
(1) BASED ON ANNUALIZED NINE MONTHS THRU SEPTEMBER 30, 2002 SENSITIVITY TABLE
IN FORDING SUPPLEMENT
13
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CANADIAN COAL TRUST WILL HAVE LESS
INDEBTEDNESS THAN FORDING / TECK TRUST
-------------------------------------------------------------------------------
APPROXIMATE LEVERAGE
(EXCLUDES WORKING CAPITAL DEBT)(1) BENEFITS OF LESS INDEBTEDNESS
------------------------------------- ----------------------------------------
-- Less financial risk to distributions
-- Less interest expense
-- Less refinancing risk
[CO GRAPHICS] -- Increased ability to fund growth /
expansion
-- Fording's ability to access
capital in the future will be
more limited given its high
leverage
(1) EXCLUDES WORKING CAPITAL FACILITY. SIZE UNSPECIFIED AT FORDING / TECK TRUST
AND $25MM AT CANADIAN COAL TRUST
(2) ANNUALIZED 9 MONTHS TO SEPTEMBER 30, 2002. EBITDA ELIMINATES HEDGING COSTS
FOR CANADIAN COAL TRUST
(3) EXCLUDES ESTIMATED MARK-TO-MARKET UNSECURED HEDGING DEBT OF APPROXIMATELY
$115 MILLION
14
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NO RISK OF "TECK-TYPE" DILUTION
-------------------------------------------------------------------------------
-- Teck directly invested at Fording Coal Partnership level
-- Fording Coal Partnership has no debt (except working capital revolver)
-- Teck is able to convert its Fording Coal Partnership investment
into Units and will be compensated for assuming a share of
Trust's leverage with either (i) cash, (ii) debt or (iii) more
Trust units
-- A Teck conversion could significantly dilute existing unit holders
-- If converted today, Teck could take over the Trust with 51% ownership
[CO GRAPHICS]
SOURCE: FORDING SUPPLEMENT
15
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MORE FOCUSED ON METALLURGICAL COAL
CANADIAN COAL TRUST'S VS. FORDING / TECK TRUST'S SALES COMPOSITION
-------------------------------------------------------------------------------
CANADIAN COAL TRUST FORDING / TECK TRUST
------------------------------------- ----------------------------------------
[CO GRAPHICS] [CO GRAPHICS]
-- Assets to be included: -- Assets to be included:
-- 100% of Fording's Mountain -- 62% of Elkview Mine
operations -- 62% of Fording's Mountain
-- 100% of Fording's Industrial operations
Mineral's operations -- 62% of Fording's Prairie
-- 100% of Line Creek mine operations
-- 100% of undeveloped Cheviot -- 100% of Fording's Industrial
mine project Minerals operations
-- 46% interest in Neptune
terminal
-- 100% of Luscar mine ex
reclamation(1)
SOURCE: FORDING AND LUSCAR PUBLIC FILINGS
(1) ASSUMES LUSCAR AND CONSOL EXERCISE THEIR PUT RIGHT TO SELL THE LUSCAR MINE
0.25MM UNITS EACH
16
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GREATER ESTIMATED COST SAVINGS AND SYNERGY OPPORTUNITIES
-------------------------------------------------------------------------------
FORDING / TECK
CANADIAN COAL TRUST PROPOSAL
--------------------------- --------------
MORE EFFICIENT -- is greater than $25mm is approximately
MINE OPERATIONS -- Mine operations optimization, equal to $25mm
purchasing, rail and corporate
-- Shift Luscar production to
Cheviot mine project or lower
cost Fording mines
ESTIMATED TERMINAL -- Cheaper throughput at Neptune -- None
SAVINGS Terminals
-- Up to 8mm tonnes of additional
capacity
-- Cost savings of up to 2.50/tonne
ESTIMATED TAX SAVINGS -- Potential to utilize existing -- None
is approximately equal to $300mm
Line Creek B.C. mineral tax pool
EST. TOTAL COST -- $50MM -- $25MM
SAVINGS
ADDITIONAL MARKETING -- Comparable to Fording / Teck -- $25mm
& COAL BLENDING
SYNERGIES
17
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CONTIGUOUS FORDING RIVER, GREENHILLS & LINE CREEK MINES
-------------------------------------------------------------------------------
[CO GRAPHIC]
18
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CANADIAN COAL TRUST WILL NOT HAVE FORDING'S HEDGE LIABILITY
-------------------------------------------------------------------------------
HISTORICAL FORDING / TECK TRUST
HEDGING OVERVIEW HEDGE LOSSES (CAD MILLIONS)(1)
-------------------------------------- --------------------------------------
-- Canadian Coal Trust will not
have exposure to Fording's
current hedge liability
-- Estimated hedge
cancellation costs of
$115mm will be paid out [CO GRAPHIC]
prior to formation of
Canadian Coal Trust
-- Fording / Teck Trust would
retain USD $1.5 billion of
hedge exposure through
2006
(1) BASED ON 62.3% OF METALLURGICAL COAL ASSETS HELD BY FORDING / TECK TRUST
19
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CANADIAN COAL TRUST WILL HAVE MORE
UNITHOLDER FRIENDLY GOVERNANCE
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CANADIAN COAL TRUST FORDING / TECK PROPOSAL
------------------------------------- --------------------------------------
-- MAJORITY INDEPENDENT BOARD -- MAJORITY TRUSTEES AND BOARD
-- ALL INDEPENDENT TRUSTEES NOMINATED BY TECK/WESTSHORE
[CO GRAPHICS] [CO GRAPHICS]
20
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CANADIAN COAL TRUST WILL HAVE LOWER
CORPORATE OVERHEAD COSTS
-------------------------------------------------------------
OUR SUPERIOR OFFER FORDING / TECK PROPOSAL
------------------ ------------------------
MANAGEMENT - Combined strength of existing - Existing management team
TEAM Luscar and Fording management
ESTIMATED - Guaranteed existing level of - $2 million additional costs
CORPORATE corporate overhead
OVERHEAD (excluding one time charges),
COSTS with incentives to lower costs
to Trust
MANAGEMENT - Percentage of cost savings - 3.6 million Trust options
INCENTIVE -- No additional costs or available to management with
dilution to Trust resultant cost and potential of
dilution being incurred by Trust
INDEPENDENCE - Arms length with independent - Non-arms length
trustees
21
FINANCIAL APPENDIX
-------------------------------------------------------------
STRONGER DISTRIBUTABLE CASH FLOW GROWTH POTENTIAL
CAD IN MILLIONS, EXCEPT PER SHARE
-------------------------------------------------------------
9 Months Ended 9/30/02
Canadian Coal Trust Fording/Teck Trust
Fording Trust Distributable Cash Flow (Pre-Reserve) 98 98
- Estimated Fording Industrial Minerals EBITDA less capex (6) 0
+ Elimination of Fording Trust Interest Expense 15 0
-- --
Fording Trust Cash Flow From Fording Coal Partnership 106 98
ADJUSTED CASH FLOW FROM FORDING COAL PARTNERSHIP 171 (1) 98 (2)
+ Termination of Foreign Exchange Hedge 65 0
+ Estimated Met Coal Assets EBITDA less capex less mining taxes 2 0
+ Estimated Luscar mine EBITDA less capex 19 0
- Estimated Canadian Coal Trust Interest Expense (12) (3) 0
+ Estimated Fording Industrial Minerals EBITDA less capex 6 0
- Estimated Elimination of Elkview Assets' EBITDA less capex
less mining taxes (73) 0
- Estimated Elimination of Fording Thermal Assets' EBITDA
less capex (30) 0
-- --
DISTRIBUTABLE CASH FLOW PER UNIT (PRE-RESERVE) 147 98
Less Reserve @ 10% 0 (4) 10
Illustrative Distributable Cash Flow 147 88
Number of Units (in millions) 57.8 (5) 38.2
Distributable Cash Flow Per Unit $2.55 $2.30
ANNUALIZED DISTRIBUTABLE C.F. PER UNIT $3.40 3.07
+ Cost Synergies (6) 50 16 (1)
+ Estimated Increased From Volume Improvements 23 (7) 27 (1)(8)
ANNUALIZED DIST. C.F. PER UNIT WITH SYNERGIES AND
IMPROVED VOLUME $4.67 $4.17
SOURCE: FORDING PUBLIC FILINGS, INVESTOR ROADSHOW, AND SHERRITT AND LUSCAR
MANAGEMENT ESTIMATES
(1) BASED ON FORDING TRUST 62.3% OWNERSHIP STAKE IN FORDING COAL PARTNERSHIP
(2) FORDING WILL RETAIN ITS HEDGE GOING FORWARD WHILE CANADIAN COAL
TRUST WILL ELIMINATE THE EXISTING HEDGE
(3) BASED ON TOTAL DEBT, INCLUDING WORKING CAPITAL, OF $325M AND AN INTEREST
RATE OF 5.0%
(4) LACK OF ADDITIONAL CAPITAL EXPENDITURES FOR FORDING THERMAL OPERATIONS
AND INCREASED FINANCIAL FLEXIBILITY FROM LESS DEBT EFFECTIVELY ELIMINATES
CCT'S NEED FOR RESERVE
(5) 57.8 MM UNITS REFLECTS ECONOMIC SPLIT OF METCOAL COMPANY CASH FLOWS WITH
SCPII
(6) BASED ON ANNUAL ESTIMATED COST SAVINGS OF $50M FOR CANADIAN COAL TRUST
AND $25M FOR FORDING COAL PARTNERSHIP
(7) ASSUMES ANNUAL VOLUME INCREASES OF 1.8M TONNES AT FORDING'S MET OPERATIONS
AND LINE CREEK AND EACH ADDITIONAL TONNE GENERATED $13.0M OF CASH FLOW
(8) BASED ON 1.9M ADDITIONAL TONNES WITH EACH ADDITIONAL MILLION TONNE
GENERATING $13.0M OF CASH FLOW
23
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SOURCES AND USES OF FUNDS
-------------------------------------------------------------
REPAYMENT OF FDG
FORDING SHARE DEBT, BREAK-UP FEE &
PURCHASE HEDGE CANCEL FEE
------------- --------------------
ESTIMATED $850mm (max cash Estimated at $332m
USES scenario)
ESTIMATED - $640mm from - $90mm of $300mm
SOURCES Partnership bridge loan facility
- $210mm of $300mm - Remainder from the
bridge loan facility(1) Partnership(2)
- IF $210MM BRIDGE LOAN FACILITY IS NOT REQUIRED TO PURCHASE FDG SHARES, THEN
THE CANADIAN COAL TRUST INTENDS TO MAKE A ONE-TIME CASH DISTRIBUTION TO
UNITHOLDERS TO ENSURE THAT THE $300MM BRIDGE LOAN FACILITY IS FULLY DRAWN
- IN EXCHANGE, FORDING THERMAL ASSETS WILL BE TRANSFERRED TO THE PARTNERSHIP
AND/OR THE AFFILIATES IN A TAX NEUTRAL MANNER
24
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ONE-TIME CASH DISTRIBUTIONS TO UNITHOLDERS
-------------------------------------------------------------
DESCRIPTION
----------------------------
- Offeror intends to use $210mm of its
$300mm bridge loan facility to purchase
Fording shares
- If more than 69% of shareholders elect
Exchange Rights, then all of the
$210mm bridge loan proceeds are not
needed to purchase Fording shares
- Any amount of the $210mm bridge loan
proceeds not used to purchase Fording
shares will be used to make a one-time
cash distribution to unitholders
INDICATIVE ONE-TIME CASH
DISTRIBUTION PER UNIT
----------------------------
% FDG SHAREHOLDERS ELECTING
EXCHANGE RIGHTS
[GRAPHIC]
less than 69.0% $0.00
72.5% $1.13
75.0% $1.91
77.5% $2.69
80.0% $3.46
more than 81.0% $3.63
25
----------------------------------------------------------------------------
CONTACT INFORMATION
----------------------------------------------------------------------------
THE INFORMATION AGENT FOR THE ENHANCED OFFER IS:
INNISFREE M&A INCORPORATED
----------------------------------------------------------------------------
501 MADISON AVENUE
20TH FLOOR
NEW YORK, NEW YORK 10022
TELEPHONE: 1-877-750-5837 (ENGLISH SPEAKERS)
1-877-750-9499 (FRENCH SPEAKERS)
BANKS AND BROKERS CALL COLLECT: (212) 750-5833
THE DEALER MANAGERS FOR THE ENHANCED OFFER ARE:
IN CANADA
----------------------------------------------------------------------------
NATIONAL BANK FINANCIAL INC. BMO NESBITT BURNS INC.
TELEPHONE: (416) 869-3707 TELEPHONE: (416) 359-8137
1-800-636-3675 1-888-355-6634
ANY QUESTIONS AND REQUESTS FOR ASSISTANCE MAY BE DIRECTED
TO THE DEALER MANAGERS, THE DEPOSITARY, THE U.S. FORWARDING AGENT
OR THE INFORMATION AGENT AT THEIR RESPECTIVE TELEPHONE NUMBERS
AND LOCATIONS SET OUT ABOVE.
26
--------------------------------------------------------------------
CONTACT INFORMATION
--------------------------------------------------------------------
THE DEPOSITARY FOR THE ENHANCED OFFER IS:
CIBC MELLON TRUST COMPANY
--------------------------------------------------------------------
BY MAIL BY HAND OR BY COURIER
P.O. BOX 1036 199 BAY STREET
ADELAIDE STREET POSTAL STATION COMMERCE COURT WEST
TORONTO, ONTARIO M5C 2K4 SECURITIES LEVEL
TORONTO, ONTARIO M5L 1G9
TELEPHONE: (416) 643-5500
TOLL FREE: 1-800-387-0825
E-MAIL: inquiries@cibcmellon.com
HALIFAX CALGARY MONTREAL VANCOUVER
1660 HOLLIS STREET 600 THE DOME TOWER 2001 UNIVERSITY STREET 1066 WEST HASTINGS STREET
CENTENNIAL BUILDING, 333-7TH AVE. S.W., 16TH FLOOR 16TH FLOOR
SUITE 406 6TH FLOOR MONTREAL, PQ H3A 2A6 VANCOUVER, BC V6E 3X1
HALIFAX, NS B3J 1V7 CALGARY, AB T2P 2Z1
THE U.S. FORWARDING AGENT FOR THE ENHANCED OFFER IS:
MELLON INVESTOR SERVICES, LLC
--------------------------------------------------------------------
BY HAND OR BY COURIER
120 BROADWAY STREET, 13TH FLOOR
NEW YORK, NEW YORK 10271
ANY QUESTIONS AND REQUESTS FOR ASSISTANCE MAY BE DIRECTED
TO THE DEALER MANAGERS, THE DEPOSITARY, THE U.S. FORWARDING AGENT OR THE
INFORMATION AGENT AT THEIR RESPECTIVE TELEPHONE NUMBERS AND LOCATIONS SET
OUT ABOVE.
27