I found it interesting in the 2009 Annual Report that the following was stated concerning future cash flow and the size of Connacher's existing tax pool:

"Future cash flows will be sheltered from current cash taxes by the company's tax pools, which currently exceed $1 billion and which will be augmented by future capital expenditures."

This is the first time that I have seen Connacher actually state anywhere the size of the tax pools that it has accumulated which continue to grow. This will certainly reduce the amount of taxes that Connacher has to pay going forward. It seems to me that the name of the game for a company when it writes its Annual Report is to show that it is actually making as little money as possible in order to pay the minimum amount of taxes. In this aspect, Connacher has been very successful.

Best Wishes; Scott