ONTC not debt-ridden.

On behalf of Ontario Northland, I would like to thank Northern Ontario Business for their November 2004 feature on some of our company's recent successes. There is a lot of positive activity currently taking place at Ontario Northland, as we: begin work on a six-year, $81-million GO Transit project to refurbish 121 commuter cars; construct a new $3-million painting facility, construct a new $1.5-million, 10,000-square-foot building at our Cochrane shop complex; work to build the new north through Ontera; and continue to provide improved customer service in our rail, motor coach and telecommunication operations.

Under the renewed confidence of the government of Ontario, Ontario Northland is indeed charting a "bold new course."

I would be remiss, however, if I did not point out that, contrary to your article, Ontario Northland is not, in fact, debt-ridden, but, rather our ratio of debt to equity remains at an acceptable and common industry level. At less than 20 per cent, our debt-to-equity ratio is actually lower than most of our transportation and telecommunication industry colleagues.

Ontario Northland is committed to contributing to the economic prosperity of Northern Ontario and we thank you, and all northerners, for your support of our organization.

Steve Carmichael

Acting President

Ontario Northland Transportation