June 20, 2002

To: Pension Plan Members and Retirees

Wajax Pension Surplus Challenge

The most frequently asked question directed to the Committee is..

How long will it take to reach a settlement on our pension surplus claim?

The answer is that we really don't know.  Many employees and former employees feel very strongly about this issue and are committed to " the challenge " no matter how long it takes!   The following Press Release should be read and circulated to all concerned and interested people.

Paper--"News Break"--Thursday, June 13, 2002 Volume 1--Issue 18--Estevan Sask.

"Pension Settlement Reached"

Pending court approval of the settlement, members of the United Steelworkers' Local 13173 and their beneficiaries will be entitled to share in more than $16.5 million in payments from a lengthy pension dispute with Cameco Corporation, formerly Canada Eldor Inc. Cameco and Canada Eldor have agreed to pay an additional $1.5 million to cover the union's legal and actuarial costs, plus the cost of distribution of the settlement.

The dispute began in the late 1980s when Canada Eldor converted the employees' pension plan from a defined benefit to a defined contribution plan. The United Steelworkers initiated court action which alleged the company took money from the employees' pension surplus, used the fund to pay administrative expenses that should have been paid by the employer, and improperly took a pension contribution holiday.

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