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Archived - Annual Report of Canada Pension Plan 2003-2004

Notes to financial statements March 31, 2004

1. Description of the Canada Pension Plan
2. Significant accounting policies
3. Change in accounting policy
4. Investments held by the CPP Investment Fund
5. Investments held by the CPP Investment Board
6. Receivables from Beneficiaries
7. Canada Pension Plan Account
8. Contributions
9. Investment Income/(Loss)
10. Administration costs
11. Contingencies
12. Legislative Amendment
13. Comparative figures

1. Description of the Canada Pension Plan

a) Description of the CPP

The Canada Pension Plan (CPP) is a federal/provincial plan established by an Act of Parliament in 1965.

The CPP began operations in 1966. It is a compulsory and contributory social insurance program operating in all parts of Canada, except Quebec, which operates the Régime des rentes du Québec, a comparable program. The Plan’s objective is to provide a measure of protection to workers and their families against the loss of earnings due to retirement, disability or death.

The Minister of Social Development is responsible for the administration of the Canada Pension Plan (the CPP Act); the Minister of National Revenue is responsible for collecting contributions. The Minister of Finance and his provincial counterparts are responsible for setting CPP contribution rates, pension and benefit levels and funding policy.

The financial activities of the Canada Pension Plan are recorded in the CPP Account (Note 7). The CPP Investment Fund (Note 4) holds the bond portfolio of the Plan, and the Plan’s investments in capital markets are managed by the CPP Investment Board (Note 5). The financial transactions affecting the Account and the Investment Fund are governed by the CPP Act and regulations. The Investment Board’s transactions are governed by the Canada Pension Plan Investment Board Act and the accompanying regulations.

As stated in the CPP Act, changes to this Act require the approval of at least two-thirds of the provinces having, in the aggregate, not less than two-thirds of the population of all included provinces.

b) Financing

CPP is financed by contributions and investment returns. Employers and employees pay contributions equally to CPP. Self-employed workers pay the full amount.

CPP was designed initially to be financed on a pay-as-you-go basis, which means that the Plan would operate on a current basis with pensions and benefits being paid out of current contributions. With changes made to the Act in 1997, CPP is now intended to be funded on a “steady-state” basis—that is, combined contributions increased to 9.9% of pensionable earnings in 2003 and have leveled off since.

From 1966 to 1986, the combined employer-employee contribution rate remained at 3.6% of pensionable earnings. In 1987, it was raised to 3.8% and increased yearly by 0.2% to reach 5.6% in 1996. In the years 1997 to 2002, the combined contribution rate was increased annually to reach 9.9% in 2003. The maximum combined contribution for 2004 was $3,663 (2003 – $3,604).

The CPP Act provides that an actuarial report shall be prepared every three years for purposes of the review of the financial state of the CPP by the Minister of Finance and his provincial counterparts. The Eighteenth Actuarial Report of the Chief Actuary of the Office of the Superintendent of Financial Institutions done as at December 31, 2000 was presented to the Minister of Finance in December 2001, then tabled in the House of Commons on December 10, 2001. Based on this report, federal and provincial ministers of Finance concluded at the end of the 2002 Triennial Review process that the CPP is financially sound and that the 9.9% combined employee-employer contribution rate reached in 2003 is expected to be sufficient to substain the Plan in the face of an aging population. A number of assumptions such as long term rate of return on assets, inflation rate, mortality rates, increase in salary and benefit rates, among other things, were used in the 18th CPP actuarial report. These assumptions reflect best estimates of future economic and demographic events. The next actuarial report as at December 31, 2003 is expected to be completed by December 2004.

c) Net assets of the Plan

The net assets of the Plan are composed of the deposit with the Receiver General for Canada, short term investments, long term investments in bonds held by the CPP Investment Fund and investments managed by the CPP Investment Board. The net assets represent funds accumulated for the payment of pensions, benefits and administration costs. This amount does not cover the actuarial present value of accrued pensions and benefits. As at March 31, 2004, the net assets of the Plan are of $72.5 billion (2003 – $57.3 billion). This amount represents approximately 3.2 times the total of pensions and benefits for the year 2003-2004.

d) Pensions and benefits

Retirement pensions - A retirement pension is payable to each contributor at age 60 or older, according to the provisions of the Act. The monthly amount is equal to 25% of the contributor’s average monthly pensionable earnings during the pensionable period. The amount may be reduced or increased depending upon whether the contributor applies for a retirement pension before or after age 65. This adjustment cannot exceed 30%. The maximum new monthly pension payable at age 65 in 2004 is $814.17 (2003 – $801.25).

Disability benefits - A disability benefit is payable to a contributor who is disabled, according to the provisions of the Act. The amount of the disability benefit to be paid includes a flat-rate portion and an amount equal to 75% of the earned retirement pension. The maximum new monthly disability benefit in 2004 is $992.80 (2003 – $971.26).

Survivor's benefits - A survivor’s benefit is payable to the spouse or common-law partner (the beneficiary) of a deceased contributor, according to the provisions of the Act. For a beneficiary under the age of 65, the benefit consists of a flat-rate portion and an amount equal to 37.5% of the deceased contributor’s earned retirement pension. A beneficiary between the ages of 35 and 45 who is not disabled or who has no dependent children receives reduced benefits. For beneficiaries aged 65 and over, the benefit is equal to 60% of the retirement pension granted to the deceased contributor. The maximum new monthly benefit payable to a beneficiary in 2004 is $488.50 (2003 – $480.75).

Disabled contributor's child and orphan benefits - According to the provisions of the Act, each child of a contributor who is receiving disability benefits or who died is entitled to a benefit as long as the child is under the age of 18, or is between the ages of 18 and 25 and attending school full-time. The flat-rate monthly benefit in 2004 is $192.68 (2003 – $186.71).

Death benefits - According to the provisions of the Act, a death benefit is a one-time payment to, or on behalf of, the estate of a contributor. The benefit amounts either to 10% of the maximum pensionable earnings in the year of death or six times the monthly retirement pension granted to the deceased contributor, whichever is less. The maximum death benefit in 2004 is $2,500 (2003 – $2,500).

Pensions and benefits indexation - As required by the Act, pensions and benefits are indexed annually based on the Consumer Price Index for Canada. The rate of indexation for 2004 is 3.2% (2003 – 1.6%).

2. Significant accounting policies

a) Basis of presentation

These financial statements present the financial position, the changes in net assets and the cash flows of the Canada Pension Plan. They include the financial position of the CPP Investment Board and the results of its operations. These financial statements are prepared in accordance with Canadian generally accepted accounting principles and conform to the disclosure and accounting requirements of the CPP Act.

These financial statements do not provide information on the actuarial estimates required to meet future obligations of the CPP since the CPP Act does not require that the pensions and benefits be pre-funded.

The CPP, which is under joint control of the Government of Canada and participating provinces, is not considered to be part of the reporting entity of the Government of Canada. Accordingly, its financial activities are not consolidated with those of the Government.

b) Valuation of investments

Bonds held by the CPP Investment Fund and CPP Investment Board investments are stated at fair value. Fair value is the amount of the consideration that would be agreed upon in an arm’s length transaction between knowledgeable, willing parties who are under no compulsion to act.

Bonds held by the CPP Investment Fund – The fair value is determined by calculating the present value of bonds’ projected cash flows. The discount rate used is based as appropriate on the provincial, territorial or government of Canada market rates. The fair value includes a further discount for the non-marketable and non-transferable characteristics of the bonds.

Bonds issued by the provincial and territorial governments can be redeemed prior to maturity at the option of these governments or renewed for another 20 years. There are distinct calculation methods for bonds early redemption or renewal that do not take into consideration the non-marketable and non-transferable characteristics.

Any early redemption or renewal could therefore result in transactions at amounts that differ from the recorded fair value of the bonds.

CPP Investment Board’s investments – The fair value is determined as follows: quoted market prices for publicly traded equities and unit values for pooled funds. Unit values reflect the quoted market prices of the underlying securities.

In the case of private equity investments, where quoted market prices are not available, fair value is determined annually, commencing after the first year of ownership, based on carrying values and other relevant information reported by external managers of the limited partnerships in which the investments are made. These carrying values are determined by the external managers using accepted industry valuation methods.

The fair value of private market investments in income producing properties is determined annually, commencing after the first year of ownership, using accepted industry valuation methods, such as discounted cash flows and comparable purchase and sales transactions.

Fair value for the over-the-counter derivatives such as swaps is determined based on discounted cash flows and market prices for underlying assets with similar characteristics.

Money market securities are recorded at cost which, together with accrued interest income, approximates fair value.

c) Contributions

Contributions include CPP contributions earned for the year. The Canada Customs and Revenue Agency collects contributions and measures them using the assessment of tax returns. In determining the amount of contributions earned for the year, the Agency considers cash received and contributions assessed, and makes an estimate for contributions related to tax returns not yet assessed. This estimate is subject to review and adjustments. Adjustments, if any, are recorded as contributions in the year they are known.

d) Investment income recognition

CPP Investment Fund income is recorded on the accrual basis and includes unrealized gains and losses on bonds held at the end of the year.

CPP Investment Board’s net income from operations represents the Investment Board’s investment income, less investment and administrative expenses. Investment income is recorded on the accrual basis and includes realized gains and losses on disposal of investments, unrealized gains and losses on investments held at the end of the year, dividend income (recognized on ex-dividend date), interest income, distributions from partnerships and trusts, and net operating income from private market real estate investments.

Realized gains and losses on investments sold during the year represent the difference between sale proceeds and cost, less related costs of disposition. Unrealized gains and losses represent in the difference between the fair value and cost of investments. The current year unrealized gains and losses represent the year-over-year change in this difference.

e) Translation of foreign currencies

Transactions in foreign currencies are recorded at the rates of exchange prevailing on the transaction date. Investments denominated in foreign currencies and held at the year end are translated at exchange rates in effect at the year end date. The resulting realized and unrealized gains and losses are included in investment income.

f) Pensions and benefits are recorded when payable.

g) Net overpayments are composed of overpayments of pensions and benefits that were established during the year less remissions of debts granted.

h)Administration costs are recorded in the year to which they relate.

i) Measurement uncertainty

The preparation of financial statements in accordance with the Canadian generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as at the date of the financial statements and revenue and expenses for the year. Actual results could differ from these estimates. The most significant estimates are related to contributions, administration costs, allowance for doubtful accounts, the fair value of the bonds held by the CPP Investment Fund and the fair value of investments held by the CPP Investment Board.

3. Change in accounting policy

During the year, a legislative amendment was approved which provided for the transfer of CPP assets to the CPP Investment Board (See Note 12).

In order to provide a consistent basis of accounting for the provincial, territorial and federal bonds between the CPP Investment Fund and the CPP Investment Board, the fair value accounting was adopted for bonds in 2004, unlike previous years where the bonds were accounted for at cost. This change in accounting policy was applied retroactively and the prior year’s financial statements were restated accordingly.

As a result of this change in accounting policy, unrealized gains and losses on bonds are now recognized in the statement of change in net assets and the bonds are recorded at their fair value in the statement of net assets.

The following summarizes the changes to financial statements as a result of the change in accounting policy for the years presented:

		2004		2003
in millions of dollars
		Bonds recorded		Bonds recorded
		at cost	at fair value	at cost	at fair value
Statement of Net Assets
Assets
CPP Investment Fund
Provincial and Territorial bonds		22,181	25,397	23,204	26,080
Canada bonds		3,352	4,070	3,369	4,071
Net Assets		68,576	72,511	53,673	57,251
Statement of Changes in Net Assets
Net Assets, beginning of year		53,673	57,251	51,709	55,094
Investment income (loss)		9,891	10,248	(1,242)	(1,049)
Net Assets, end of year		68,576	72,511	53,673	57,251

4. Investments held by the CPP Investment Fund

The Canada Pension Plan Investment Fund was established in the accounts of Canada by the CPP Act to record the Plan’s investments in bonds of the provinces, territories and Canada. The CPP Investment Fund’s bond portfolio is administered by the federal Department of Finance.

Until the end of 1997, the investments in provincial, territorial and federal government bonds were made with the cash on hand in excess of the Plan’s forecast three-month operating requirement. These bonds were not marketable and had a 20-year term (or less) as fixed by the Minister of Finance on the recommendation of the Chief Actuary of the Office of the Superintendent of Financial Institutions. The interest rate on the bonds was determined by the Minister of Finance based on the average yield to maturity of all outstanding Government of Canada obligations with terms of 20 years or more. When these bonds matured, funds not required for payment of pensions and benefits were re-invested in new bonds.

Beginning in 1998, a maturing provincial or territorial bond may be re-invested in a new bond only once for a term of 20 years, if both the issuer asks to do so and the operating balance is sufficient to pay current pensions and benefits. Excess funds not re-invested are transferred to the CPP Investment Board. The re-invested bonds remain not marketable and bear interest at a rate fixed by the Minister of Finance. The interest rate is substantially the same rate that the province would pay if it were to borrow the same amount for the same term through the issuance of a bond on the public capital markets. Interest earned on the investments is paid semi-annually to the CPP Account.

During the year, all disposals of bonds were made, at maturity date, at face value. The bonds are redeemable in whole or in part before maturity. Since January 31, 2001, the provinces and territories are permitted to redeem their bonds held by the CPP Investment Fund prior to their maturity at a value equivalent to market value. No bonds were redeemed by the provinces and the territories prior to maturity during the year ended March 31, 2004 (2003 – none).

The bonds held by the CPP Investment Fund are exposed to interest rate risk. Interest rate risk refers to the risk of an adverse change in the fair value of the bonds as a result of an unfavourable movement in market interest rates.

The following schedule provides information on the disposals, re-investments, unrealized gains / (losses) and balance of the Investment Fund:

CPP Investment Fund (in millions of dollars)

	March 31, 2003 at cost	Disposals	Re- Investments	March 31, 2004 at cost	March 31, 2004 at fair value	March 31, 2003 at fair value
Newfoundland	633	51	51	633	714	700
Prince Edward Island	140	11	11	140	159	156
Nova Scotia	1,079	91	91	1,079	1,232	1,212
New Brunswick	834	71	71	834	940	920
Quebec	96	5	5	96	111	108
Ontario	10,746	1,201	688	10,233	11,687	12,065
Manitoba	1,128	126	-	1,002	1,167	1,292
Saskatchewan	1,151	109	40	1,082	1,241	1,299
Alberta	3,385	441	200	3,144	3,661	3,860
British Columbia	4,008	375	301	3,934	4,481	4,464
Yukon Territory	4	-	-	4	4	4
	23,204	2,481	1,458	22,181	25,397	26,080
Canada	3,369	17	-	3,352	4,070	4,071
	26,573	2,498	1,458	25,533	29,467	30,151

The further discount included in the fair value to allow for the specific characteristics of the bonds is valued at $1.26 billion ($1.27 billion in 2003). The following schedule presents the bonds by maturity dates and the weighted-average annual rate of return on bonds currently held.

(in millions of dollars)

		2004		2003
		Investment at cost	Average coupon	Investment at cost	Average coupon
Investments maturing
Within 1 year		2,283	13.35%	2,498	11.77%
1 - 5 years		9,429	10.23%	9,700	10.99%
Over 5 years		13,821	8.37%	14,375	8.90%
Total Invsetments		25,533	-	26,573	-
Weighted-average yield on investments		-	9.50%	-	9.93%

5. Investments held by the CPP Investment Board

The Canada Pension Plan Investment Board (CPPIB) was established by an Act of Parliament in 1997. The Canada Pension Plan Investment Board Act came into force on April 1, 1998. The purpose of the Board is to invest the funds transferred by the CPP in a diversified portfolio of investments. The Board is designed to operate at arm’s length from the government. It is required to be accountable to the public, Parliament (through the federal Minister of Finance), and the provinces and provides regular reports of its activities and the results achieved.

The following schedule provides information on the Board’s investments as at March 31.

(in millions of dollars)

		2004	2003
Canadian equities, at fair value
Public Markets		18,046	11,051
Private Markets		282	261
		18,328	11,312
Non-Canadian equities, at fair value
Public Markets		7,552	4,245
Private Markets		1,530	1,265
		9,082	5,510
Total Equities (Cost 2004 - $25,034; 2003 - $20,336)		27,410	16,822
Real Return Assets
Public markets real estate		350	219
Private markets real estate		432	246
Private markets infrastructure		22	-
Total Real Return Assets (Cost 2004 - $829; 2003 - $645)		804	465
Money Market Securities (Cost 2004 – $4,784; 2003 – $575)		4,777	575
Investment Receivables (Cost 2004 – $68; 2003 – $41)		68	41
Investment Liabilities (Cost 2004 – $170; 2003 – $452)		(171)	(449)
Net fair value of Derivatives		6	(1)
Total Net Investments		32,894	17,453

The CPP Investment Board has established investment policies which set out the manner in which assets shall be invested. In determining the asset mix, the CPP Investment Board takes into consideration certain assets of the CPP which are held outside the CPP Investment Board.

In accordance with the Invesment Policy, at least 70% of the book value of the CPP Investment Board’s portfolio is allocated to Canadian investments and the remainer to non-Canadian investments.

The CPP Investment Board’s investments are mainly allocated to equities. During the current year, the CPP Investment Board made its first investment in a private market infrastructure fund. The CPP Investment Board also obtains exposure to real estate through investments in publicly traded securities and privately held real estate. Private real estate investments are held by subsidiary and are managed on behalf of the CPP Investment Board by external advisors and managers through co-ownership arrangements.

Derivative Contracts

A derivative is a financial contract, the value of which is derived from the value of underlying assets, indexes, interest rates or currency exchange rates.

The CPP Investment Board uses derivatives primarily to replicate the return of Canada and Non- Canadian equity indexes. As at March 31, 2004, the CPP Investment Board has equity swaps outstanding to exchange money market interest for equity returns. The CPP Investment Board also uses exchange-traded futures contracts to achieve the desired broad market exposure to the equity markets while cash is being held to fund investment activities.

All derivative contracts have a term to maturity of one year or less. Notional amounts of derivative contracts are used to compute the cash flows and for determining the fair value of the contracts.

Notional amounts are not recorded as assets or liabilities on the balance sheet. The notional amounts and fair value of derivative contracts held as at March 31 are as follows:

(in millions of dollars)

			2004		20043
		Notional Amount	Fair Value	Notional Amount	Fair Value
Equity swaps		4,034	9	250	(1)
Equity futures		448	(3)	-	-
Total		4,482	6	250	(1)

Consistent with the investment policies, derivative contracts are fully covered by money market securities. The economic impact on the total asset mix is to increase Canada and Non Canada equities exposure by 12.9% (2003 – 1.4%) and 0.8% (2003 – Nil%), respectively, with a corresponding decrease in money market securities exposure.

Securities Lending

The CPP Investment Board participates in a securities lending program to enhance portfolio returns. Credit risk associated with the securities lending program is mitigated by requiring the borrower to provide daily collateral in the form of readily marketable investments of greater market value than the securities loaned. As at March 31, 2004, the CPP Investment Board’s investments include loaned securities with an estimated fair value of $721 million (2003 – $Nil). The fair value of collateral received in respect of these loans is $758 million (2003 – $Nil).

CPP Investment Board’s Investment Risks

The CPP Investment Board limits credit risk by dealing with counterparties that have a minimum credit rating of A or R-1 (short term) as determined by a recognized credit rating agency, where available, or as determined through an internal credit rating process. Credit exposure is limited to maximum amounts approved by the Board of Directors.

The CPP Investment Board is exposed to currency risk through holdings of non-Canadian investments, investment receivables and investment liabilities. Investments are not hedged against changes in foreign exchange rates.

Commitments

The CPP Investment Board has committed to enter into investment transactions, which will be funded over the next several years in accordance with the agreed terms and conditions. As at March 31, 2004, these outstanding commitments total $3.9 billion (2003 – $3.9 billion). The organization has made lease commitments of $21.0 million over the next 10 years.

Other Information

The CPP Investment Board is exempt from Part I tax under paragraph 149 (1) (d) of the Income Tax Act (Canada) on the basis that all of the shares of the CPP Investment Board are owned by Her Majesty in right of Canada. The CPP Investment Board’s subsidiaries are exempt from Part I tax under paragraph 149 (1) (d.2) of the Income Tax Act (Canada) on the basis that all of the shares of the subsidiaries are owned by a corporation whose shares are owned by Her Majesty in right of Canada.

The CPP Investment Board’s audited financial statements for the year ended March 31, 2004 are publicly available and provide details concerning the Board’s investment policy, its investments and portfolio returns.

6. Receivables from Beneficiaries

(in millions of dollars)

		2004	2003
Balance of pensions and benefits overpayments		81	77
Allowance for doubtful accounts		(45)	(28)
		36	49

Social Development Canada has procedures to detect overpayments. During the year, overpayments totalling $45 million (2003 – $45 million) were established and remissions of debts totalling $4 million (2003 – $4 million) were granted. A further $37 million was recovered (2003 – $37 million).

return to CPP Investment Fund

7. Canada Pension Plan Account

The CPP Account was established in the accounts of Canada by the CPP Act, to record the contributions, interest, pensions, benefits and administration costs of the Plan. It also records the amounts transferred to or received from the CPP Investment Fund and the CPP Investment Board.

The balance of the CPP Account included the Deposit with Receiver General for Canada and short-term investments, if any. As at March 31, the Deposit with Receiver General for Canada amounts to $7,483 million (2003 - $7,093 million).

return to CPP Investment Fund

8. Contributions

Contributions for the year are measured by Canada Customs and Revenue Agency (CCRA) using the assessment of tax returns. In determining the amount of contributions earned for the year, the Agency considers cash received and contributions assessed and makes an estimate for contributions related to tax returns not yet assessed.

Actual results may differ from these estimates. Actual contribution amounts for calendar years 2003 and 2004 will only be known once CCRA has processed all employer’s and self-employed workers’ declarations of contributions for these years. An adjustment for the difference between actual and estimated contributions will be recorded in the fiscal year in which the adjustment is known.

return to CPP Investment Fund

9. Investment Income/(Loss)

(in millions of dollars)

		2004	2003
CPP Investment Fund income:
Interest on bonds		2,500	2,741
Net unrealized gains		357	193
		2,857	2,934
Interest on deposit with the Receiver General for Canada at a weighted-average annual rate of 2.59% (2003 – 2.64%)		182	169
CPP Investment Board net income/(loss) from operations:
Net unrealized gains/(losses)		6,050	(3,264)
Fund distributions of capital gains and dividends		–	361
Net realized gains/(losses)		658	(1,533)
Dividend Income		504	288
Other investment income		21	9
Investment and administrative expenses		(24)	(13)
		7,209	(4,152)
		10,248	(1,049)

return to CPP Investment Fund

10. Administration costs

(in millions of dollars)

		2004	2003
Pension and benefit delivery, accommodation and corporate services (Human Resources Development Canada)		309	328
Collection of contributions (Canada Customs and Revenue Agency)		85	80
Cheque issue and computer services (Public Works and Government Services Canada)		15	13
Actuarial services (Office of the Superintendent of Financial Institutions)		1	1
		410	422

Administration costs of the CPP represent the cost of services received from a number of federal government departments and an agency. Those costs are based on estimated allocations of costs and are charged to the CPP in accordance with the memoranda of understanding.

return to CPP Investment Fund

11. Contingencies

At March 31, 2004, there were 4,403 (5,140 in 2003) appeals relating to the payment of CPP pensions and benefits. Claims for these appeals could reach a maximum estimated amount of $22 million ($22 million in 2003). Any award made in favour of beneficiaries will be accounted for as an expense of the period in which the amount becomes payable.

A class action has been filed against the CPP for discrimination against survivors whose same-sex common-law partners died on or after April 17, 1985 and before January 1, 1998. On December 19, 2003, the Ontario Superior Court ruled in favour of the class members. The Government has appealed the decision to the Court of Appeal for Ontario. The appeal was heard in Toronto in June 2004. At the time of the preparation of the financial statements, the outcome of the hearing was not known. This contingency is evaluated at an amount between $71 and $132 million.

return to CPP Investment Fund

12. Legislative Amendment

Legislation to amend the Canada Pension Plan and the Canada Pension Plan Investment Board Act was passed by Parliament on April 3, 2003, and approved by an Order in Council on March 22, 2004. The amended legislation and a related administrative agreement provide for the transfer of CPP assets currently administered by the federal government to the CPP Investment Board beginning in fiscal year 2005. These assets consist of the bonds held by the CPP Investment Fund and the Deposit with Receiver General for Canada. CPP Investment Board, the departments of Finance and Social Development have signed an agreement outlining the process for the transfer of assets. The bonds held by the CPP Investment Fund will be transferred to CPP Investment Board over a three-year period beginning with the first transfer on May 1st, 2004. The Deposit with Receiver General for Canada will be transferred over a period of twelve months beginning in September 2004.

return to CPP Investment Fund

13. Comparative figures

Certain comparative figures have been reclassified to conform to the current year’s presentation.

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Date Modified:

2011-11-15