Cass1ar AsBestos CorporaTION LIMITED Pace Two

By-law No. 88 increasing the number of directors from seven to nine has been enacted to create
two vacancies on the present board in order to facilitate the election of a nominee of each of Turner-Newall
Limited and Raybestos-Manhattan Inc. The association of Turner-Newall Limited and Raybestos-
Manhattan Inc. makes available to the Company both the technical and marketing experience of these
two important companies in the asbestos industry and is, in the opinion of your directors, a very important

advantage in the development of your Company’s mine and the processing and marketing of its
production.

You will also be asked at the forthcoming Annual Meeting to ratify By-law No. 86, being a
By-law changing the fiscal year end of the Company from the 31st of December to 30th of September.
In the organization stages of this company the 31st of December had been selected as a suitable date
for the fiscal year; however, experience has indicated that because of climatic conditions at the mine
area a more suitable time for the determination of the annual accounts is the 30th of September and
your directors have enacted By-law No. 86 accordingly. Your directors strongly recommend ratification
of the three By-laws.

On behalf of the Board,

F. M. CONNELL,
President.

Toronto, Ontario,
December 19th, 1952.