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IN THE MATTER OF the Pension Benefits Act, R.S.O. 1990, c. P.8, as amended (the “PBA”)

AND IN THE MATTER OF a Proposal by the Superintendent of Financial Services to make an Order under section 78(1) of the PBA consenting to a payment out of the Silverwood Dairies Retirement Plan, Registration Number 0481770.                     

TO:                        

Parmalat Food Inc.
405 The West Mall, 10th Floor
Etobicoke  ON  M9C 5J1

Attention:             

Mr. John Dalton
Pension Advisor                                                              

NOTICE OF PROPOSAL

I PROPOSE TO MAKE AN ORDER under section 78(1) of the PBA, consenting to the payment, out of Silverwood Dairies Retirement Plan (the “Plan”), Registration Number 0481770 to Parmalat Food Inc., in the amount of $359,599 as at July 31, 2005 plus adjustment for interest and expenses to the actual date of payment.

I PROPOSE TO MAKE THE ORDER effective only after the Applicant satisfies me that all benefits and any other payments to which the members, former members, and any other persons entitled to such payments have been paid, purchased, or otherwise provided for.

REASONS:

1. Parmalat Food Inc. is the employer as defined in the Plan.
   
   
2. The Plan was wound up, effective July 31, 2005.
   
   
3. As at July 31, 2005 the surplus in the Plan was estimated at $599,331.
   
   
4. The Plan provides for payment of surplus to the Employer on the wind up of the Plan.
   
5. The application discloses that by written agreement made by the Employer, and both the  former member (as defined in the application) and the estate of a former member, the surplus in the Plan at the date of payment, after deduction of wind up expenses is to be distributed:
   
   a)         60% to the Employer; and

   b)         40% to the beneficiaries of the Plan as defined in the Surplus Distribution Agreement.    

   
   
6. The Employer has applied, pursuant to section 78 of the PBA, and section 8(1)(b) of Regulation 909, R.R.O.1990 (Regulation), for consent of the Superintendent of Financial Services to the payment of 60% of the surplus in the Plan to the Company as of the date of the wind up, adjusted for interest and expenses.
   
   
7. The application appears to comply with sections 78 and 79(3)(a) and (b) of the PBA and with sections 8(1)(b), 28(5), 28(5.1) and 28(6) of the Regulation.
   
   
8. Such further and other reasons as come to my attention.

YOU ARE ENTITLED TO A HEARING by the Financial Services Tribunal (the “Tribunal”) pursuant to section 89(6) of the PBA. To request a hearing, you must deliver to the Tribunal a written notice that you require a hearing, within thirty (30) days after this Notice of Proposal is served on you.*

YOUR WRITTEN NOTICE must be delivered to:                            

Financial Services Tribunal
5160 Yonge Street
14th Floor
Toronto, Ontario
M2N 6L9

Attention: The Registrar

FOR FURTHER INFORMATION on a Form for the written notice, please see the Tribunal website at www.fstontario.ca or contact the Registrar of the Tribunal by phone at 416- 590-7294, toll free at 1-800-668-0128, ext. 7294, or by fax at 416-226-7750.

 

IF YOU FAIL TO REQUEST A HEARING WITHIN THIRTY (30) DAYS, I MAY CARRY OUT THE PROPOSAL AS DESCRIBED IN THIS NOTICE.

DATED at Toronto, Ontario, this 26th day of  July, 2007                                        

___________________________
K. David Gordon
Deputy Superintendent, Pensions

Copy: Anthony Devir, Osler, Hoskin & Harcourt LLP

* NOTE - Pursuant to section 112 of the PBA any Notice, Order or other document is sufficiently given, served or delivered if delivered personally or sent by regular mail and any document sent by regular mail shall be deemed to be given, served or delivered on the seventh day after the date of mailing.