FSCO Approves
Pension Surplus Distribution
(General Notice sent to McMaster Community on January 20, 2003)

To The Surplus Sharing Group

 We are pleased to be able to announce that the FSCO approval of the
 proposed Surplus Distribution has been received and we are now moving to
 distribute the amounts as soon as possible.

 The trustee (CIBC Mellon) is the one who will be issuing the cheques to
 individuals and to RRSP institutions.  The timetable they have agreed to
 is as follows:

February 7, 2003:  Payout of all cash amounts, including the interest component on: cash, RRSP's, RIFF's, annuities, regular buy-backs excluding members that fall into the "2/3 buy-back group") and Additional Voluntary Contributions remaining in the Plan.

February 14, 2003:  Transfers of funds to RRSP's, RRIF's, and Annuities.

February 28, 2003:  All payments (cash, RRSP's, interest on cash, and interest on RRSP's) to members that fall into the "2/3 buy-back group" and members advised of unique circumstances that will cause delay.

Where individuals are already receiving direct deposits, the transfers will be made by direct deposit.  Otherwise, cheques will be sent out.

Everyone will receive a final letter with details explaining the final calculations, interest portion, and the like.  The cheque stub from CIBC Mellon will show the breakdown between cash and interest.

 Thank you for your patience.

 Les Robb for the Surplus Sharing Group
 Simon Ouellet for McMaster University