1998/99 Third Quarter Report - January 31, 1999 Changes in Financial Position (Unaudited) (expressed in United States Dollars) Please follow the link below for a printable copy in Microsoft Excel format: 3rd Qtr. '99 Financials.xls (download may take a few seconds-thanks for your patience!) Nine months ended January 31 1999 US$ 1998 US$ Operating Activities    Net Earnings for the Period 11,193,936 9,303,380    Items Not Affecting Working Capital: Depreciation and Amortisation 6,078,111 5,485,405 (Profit)/Loss on Disposal of Fixed Assets (178,575) 38,683 17,093,472 14,827,468    Net Increase in Non-Cash Working      Capital Balances Related to Operations (6,043,204) (3,019,860) 11,050,268 11,807,608 Financing Activities    Increase/(Decrease) in Long-Term Debt 25,000,000 500,000    Dividends Paid (7,085,889) (5,871,237)    Proceeds of Share Issues 1,520,456 1,293,715    Redemption of Preference Shares (3,000,000) (3,000,000)    Proceeds on Sale of Fixed Assets 24,122 91,464    Increase/(Decrease) in Deferred Assets (727,126) 80,386 15,731,563 (6,905,672) Investing Activities    Purchase of Investments (147,755) (157,740)    Purchase of Property, Plant and Equipment (15,951,406) (9,130,996) (16,099,161) (9,288,736) Increase/(Decrease) In Net Cash 10,682,670 (4,386,800) Net Cash - Beginning of Year 3,847,513 8,255,035 Net Cash - End of Period 14,530,183 3,868,235 NOTES: 1. These unaudited financial statements include all adjustments which, in management's opinion, are necessary for a fair presentation. 2. The closing rate of exchange on January 31, 1999 as reported by the Bank of Canada for the conversion of U.S. dollars into Canadian dollars was Cdn. $1.5110 per US$1.00. The official exchange rate for the conversion of Cayman Islands dollars into U.S. dollars as determined by the Cayman Islands Currency Board is fixed at CI$1.00 per US$1.20. Thus, the rate of exchange as of January 31, 1999 for conversion of Cayman Islands dollars into Canadian dollars was Cdn. $1.8132 per CI$1.00.