Business Manager's Update

There are two main issues for seniors that have to be given consideration. The first one is the status of pension funds with the market volatility of 2008. We filed in 2007 and therefore are not required to take action immediately; however we have instructed the plan’s consultants to provide the trustees several scenarios for us to review in late January at the Board’s next meeting. As for Fort Hills we are scheduled for more meetings in January. The main issue outstanding is a long term schedule. Fort Hills is a large open pit project with the initial phase will be 110,000 barrels per day with plans to go to 280,000 barrels per day by 2015.