X0202 4 2006-05-04 0 0000879933 IPSCO INC IPS 0001236302 JOYCE BURTON M C/O IPSCO INC. 650 WARRENVILLE ROAD, SUITE 500 LISLE IL 60532 1 0 0 0 Performance Units 0 2006-05-04 4 A 0 800 104.20 A 2009-05-04 Common Shares 800 3400 D A Performance Unit or PU is a bookkeeping entry equal to one common share of IPSCO Inc. It is payable on the noted date only upon the satisfaction of the express performance objectives over the express performance period. PU's may be paid in the form of common shares, cash or a combination of both. There is no express expiration date for performance units. Price is calculated with reference to the closing price of IPSCO stock on the TSX on May 3, 2006, and converted to U.S. dollars using the Bank of Canada's exchange rate on such date of 1.1082. Burton Montgomery Joyce By Leslie Lederer, Attorney-in-Fact 2006-05-05