Redemption of 5.5% Cumulative Redeemable First Preferred Shares, Series 1 ("Series 1 Preferred Shares")

The company has announced it will exercise its right to redeem all of the issued and outstanding Series 1 Preferred Shares effective May 15, 2004. 

The Series 1 Preferred Shares are being redeemed at the price per share of Cdn $25.00.

There will be no change to the regular dividends, accrued to May 15, 2004, which the company has already declared to be payable May 14, 2004 to holders of record on April 30, 2004. Beneficial holders will receive that dividend in the usual manner.

The redemption payment will be made effective May 15, 2004. Beneficial holders should contact the financial institution, broker or other intermediary through which they hold these shares to confirm how they will receive their redemption proceeds.

After May 15, 2004, the Series 1 Preferred Shares will cease to be entitled to further dividends and the holders of such shares will not be entitled to exercise any right in respect thereof except that of receiving the redemption amount.

View the news release issued on April 15, 2004, announcing the redemption of the Series 1 Preferred Shares. 

For further assistance with the redemption please contact our Transfer Agent, Computershare Trust Company of Canada, at 1-800-564-6253.

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