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2002 Annual Report

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PriceWaterhouseCoopers LLP

45. PriceWaterhouseCoopers LLP provides annual updates for tax calculations on software used to calculate income loss, software maintenance for the software used to calculate loss of income claims and separate software used to calculate and track loss of income payment caps and holdbacks, and advice, assistance and training to the Administrator of the Trust Fund with respect to both types of software.

46. The budget for PriceWaterhouseCoopers LLP in the period from January 1, 2001 to December 31, 2001 was $26,750.00 inclusive of GST. PriceWaterhouseCoopers LLP exceeded that budget by $23,503.00. By Orders of the Ontario Superior Court of Justice, the Superior Court of Quebec and the Supreme Court of British Columbia, this budget over-run was paid to PriceWaterhouse LLP.

47. By Order of the Ontario Superior Court of Justice dated May 14, 2002 interim payments to PriceWaterhouseCoopers LLP in the amount of $2,500.00 per month, exclusive of GST, for each of January, February, March, April and May 2002 were approved. The courts also approved payments to PriceWaterhouseCoopers LLP for each of June, July and August 2002 pending approval of the Annual Report.

48. By letter dated April 2, 2002, PriceWaterhouseCoopers LLP provided the Joint Committee with its proposed budget for 2002. That budget was on the basis of a calendar year to December 2002. Extrapolating for the period from January 1, 2002 to March 31, 2003 (the fiscal year-end of the Trust Fund) resulted in a budget of $46,125.00 exclusive of GST. This is an annual budget of $36,900.00 or $3,075.00 per month. Attached hereto as Schedule "N" is a copy of the PriceWaterhouseCoopers LLP letter dated April 2, 2002.

49. The net result is that the payments made to PriceWaterhouseCoopers LLP in the first eight months of the calendar year of 2002 were less than the payments budgeted by PriceWaterhouseCoopers LLP in April 2002. However, the Joint Committee remained concerned that PriceWaterhouseCoopers LLP not exceed the estimate made by PriceWaterhouseCoopers LLP in this fiscal year as has been done in the prior fiscal year.

50. Accordingly, PriceWaterhouseCoopers LLP was asked in September 2002 to account for its payments and expenses to date and do a new projection of costs until the end of March 31, 2003. ThePriceWaterhouseCoopers LLP report is attachment N1. The new budget anticipates slightly less than the original April budget amount and reflects actual expenses incurred since January 1, 2002. It is on the basis of attachment N1 and the reduced budget of PriceWaterhouseCoopers LLP that the Joint Committee is recommending a proposed budget of $3,460.00 per month from September 1, 2002 to March 31, 2003. The total amount which will be received by PriceWaterhouseCoopers LLP over the period is less than the PriceWaterhouseCoopers LLP budget of April 2, 2002 and only appears to be a greater monthly amount because the amounts paid in the first eight months of 2002 were lower than the April 2, 2002 budget.