NR 03-27 PLA ENG Strategic Plan.doc

(November 7, 2003 — Sanikiluaqt, Nunavut) Nunavut Tunngavik Inc. (NTI) today passed a resolution to begin preparing a new 10-year Strategic Financial Plan for the 2008-2017 period.

NTI’s Finance Committee will work with Nunavut Trust and the Nunavut Investment Review Committee to update the existing 15-year Strategic Financial Plan and to develop the framework for the following 10-year period. The original plan was put into place in 1993 to guide NTI though the period during which $1.1 billion was transferred to the Nunavut Trust from the Government of Canada.

“We are clearly demonstrating to Inuit and the rest of Canada that NTI is responsible in our financial planning. We are forward thinking organization and we are committed to developing a good plan that takes us to 2017. This plan will take into account all the changes and variations that have taken place since we developed the first Financial Strategic Plan in 1993”, said NTI Vice President Paul Kaludjak. “We want to be prepared for the future”, he said.

The current 15-year Financial Strategic Plan will be updated to accommodate unforeseen developments that occurred since the original plan was adopted. These developments include a three per sent cap on annual budget increases introduced in 2001, an Excess and Shortfall Spending Policy to meet Financial Plan goals, a $50 million investment in the Atuqtuarvik Corporation and a $20 million investment in new regional health centres. In addition, changes in the financial markets affect our investments and accordingly, the projections of the original Plan.

“Our primary goal is that when the final transfer of capital comes from the federal government in 2007, we will have $1.1 billion in the Nunavut Trust. We are still on track and the best estimate is that as long as we follow the Strategic Financial Plan, we have a good chance of reaching our goal”, said Kaludjak.

Draft guiding principles and objectives for the 10-year Strategic Financial Plan will be submitted for review during the January 2004 NTI Board Meeting. A draft plan will follow in May 2004 and a final draft will be submitted to the NTI Board in September 2004. It is expected that the plan will be approved at the 2004 Annual General Meeting.

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