X0202 4 2006-07-27 0 0000879933 IPSCO INC IPS 0001349221 Burnett Gregory IPSCO INC 650 WARRENVILLE ROAD, SUITE 500 LISLE IL 60532 0 1 0 0 Corporate Treasurer Performance Units 0 2006-07-27 2006-07-27 4 A 0 800 A 2009-06-30 Common Shares 800 1600 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. Gregory Burnett by Leslie Lederer, Attorney-in-fact 2006-07-31