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Investor Presentaiton

ONE INVESTMENT THE SHIFT IN ASSET OWNERSHIP 1961 Federal Provincial Local 31% 31% 38% 10% 22% 67% Federal Provincial Local Source: Stats Can, From Roads to Rinks, Table 1-A, Sept. 2007 It is expected that municipalities provide, own, operate and maintain their assets governments • Asset ownership has shifted from senior governments to local municipal . This trend is likely to continue 42 42
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