<SEC-DOCUMENT>0001193125-16-476862.txt : 20160225
<SEC-HEADER>0001193125-16-476862.hdr.sgml : 20160225
<ACCEPTANCE-DATETIME>20160225070037
ACCESSION NUMBER:		0001193125-16-476862
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20160224
FILED AS OF DATE:		20160225
DATE AS OF CHANGE:		20160225

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			STANTEC INC
		CENTRAL INDEX KEY:			0001131383
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-ENGINEERING SERVICES [8711]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32562
		FILM NUMBER:		161453807

	BUSINESS ADDRESS:	
		STREET 1:		10160 112TH STREET
		STREET 2:		EDMONTON ALBERTA T5K 2L6 CANADA
		CITY:			EDMONTON
		STATE:			A0
		ZIP:			00000
		BUSINESS PHONE:		780-917-7000

	MAIL ADDRESS:	
		STREET 1:		10160 112 ST
		CITY:			EDMONTON, ALBERTA
		STATE:			A0
		ZIP:			00000
</SEC-HEADER>
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<TYPE>6-K
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<FILENAME>d129801d6k.htm
<DESCRIPTION>6-K
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, DC 20549 </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Form 6-K </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Report of
Foreign Private Issuer </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Pursuant to Rule 13a-16 or 15d-16 of </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">the Securities Exchange Act of 1934 </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">For the Month of: February, 2016</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Commission File Number: 001-32562</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>STANTEC INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">(Name of Registrant) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>10160
&#150; 112 Street </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Edmonton, Alberta </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Canada T5K 2L6 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">(Address of
Principal Executive Offices) </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: </P>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-left:3.00em; font-size:12pt; font-family:Times New Roman" ALIGN="center">Form 20-F <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form 40-F <U>&nbsp;&nbsp;X&nbsp;&nbsp;</U></TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(7): <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:10%; font-size:12pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3"><B>STANTEC INC.</B></TD>
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<TD VALIGN="top">Date: February&nbsp;24, 2016</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman">/s/ Daniel J. Lefaivre</P></TD>
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<TD VALIGN="top">Name:</TD>
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<TD VALIGN="top" COLSPAN="3">Daniel J. Lefaivre</TD></TR>
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<TD VALIGN="top">Title:</TD>
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<TD VALIGN="top" COLSPAN="3">Executive Vice President and CFO</TD></TR></TABLE>

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<TD VALIGN="top" NOWRAP><U>Exhibit</U></TD>
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<TD VALIGN="top"><U>Description of Exhibit</U></TD></TR>
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<TD VALIGN="top" NOWRAP ALIGN="center">99.1</TD>
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<TD VALIGN="top">Press Release for Q4 15 Results</TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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</TABLE> <P STYLE="margin-top:30pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL"><B>Stantec reports fourth quarter and year-end results for 2015 and dividend </B></P>
<P STYLE="margin-top:20pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>EDMONTON, AB; NEW YORK, NY </B>(February 25, 2016) <B>TSX, NYSE:STN</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Today, Stantec announced results for 2015, with several key items to highlight: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Gross revenue increased 13.7% to C$2,877.2 million in 2015 from C$2,529.9 million in 2014. </TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top">EBITDA increased 3.9% to C$306.3 million in 2015 from C$294.7 million in 2014. </TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top">Net income decreased 4.9% to C$156.4 million in 2015 from C$164.5 million in 2014. </TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top">Diluted earnings per share decreased 5.2% to C$1.65 in 2015 from C$1.74 in 2014. </TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top">Both the Infrastructure and Buildings business operating units experienced strong organic revenue growth. This was offset by a retraction in Energy &amp; Resources due to declining commodity prices, especially in the
oil and gas industry. </TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top">Contract backlog grew 22.2%&#151;from C$1.8 billion at the end of 2014 to C$2.2 billion at the end of 2015&#151;as a result of recent project wins, foreign exchange, and acquisitions. </TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top">The Company continued to execute its disciplined acquisition strategy, strengthening its ability to capitalize on opportunities in key markets, particularly in the United States. </TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top">Stantec&#146;s board of directors declared a cash dividend of C$0.1125 per share. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">&#147;Our Infrastructure
and Buildings business operating units led our Company in growth, partly offsetting a retraction in our Energy &amp; Resources business operating unit,&#148; says Bob Gomes, Stantec president and chief executive officer. &#147;We owe our continued
profitability to the strength of our diversified business model and, as always, to our employees and their commitment to design with community in mind.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">In 2015, Stantec achieved solid growth and maintained a strong balance sheet with gross revenue increasing year over year and quarter over quarter. The
Company strengthened its presence in North America by completing six strategic acquisitions in 2015. Stantec&#146;s diversified business model once again proved effective with strong organic gross revenue growth in both the Infrastructure and
Buildings business operating units, which together make up 65% of the Company&#146;s business. This growth partly offset a retraction in the Energy &amp; Resources business operating unit. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Stantec&#146;s contract backlog grew 22.2%&#151;from C$1.8 billion at the end of 2014 to C$2.2 billion at the end of 2015&#151;as a result of recent project
wins, foreign exchange, and acquisitions completed in 2015. The Company&#146;s Infrastructure projects made up 49% of that growth, and Buildings work contributed 15%; the growth was partly offset by a retraction in Energy &amp; Resources.
</P>

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Stantec&#146;s annual results continue to demonstrate its ability to adapt to changes in market conditions. The Oil &amp; Gas sector represented approximately 25% of gross revenue in 2014 and 15%
in 2015. The Company remains committed to serving its oil and gas clients, but its exposure to further potential declines is reduced. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Year over year,
gross revenue increased 13.7% to C$2,877.2 million in 2015 from C$2,529.9 million in 2014. Gross revenue was positively impacted by acquisitions completed in 2014 and 2015 and by foreign exchange due to the weakening Canadian dollar. This was partly
offset by organic revenue retraction in the Energy &amp; Resources business operating unit. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">In 2015, EBITDA increased 3.9% over 2014. EBITDA was impacted
by a decrease in gross margin as a percentage of net revenue and an increase in administrative and marketing expenses. The increase in administrative and marketing expenses was due in part to decreased utilization from the decline in the oil and gas
and mining sectors and includes increased severance costs and acquisition and integration costs, as well as an increase in share-based compensation expense. EBITDA was also impacted by a non-operating loss related to the sale of Stantec&#146;s India
subsidiary during the fourth quarter. Net income was C$156.4 million in 2015 compared to C$164.5 million in 2014, and diluted earnings per share was C$1.65 in 2015 compared to C$1.74 in 2014. Net income was impacted by an increase in the
amortization of intangible assets related to acquisitions and software additions. These increases were partly offset by a slight reduction in Stantec&#146;s annual effective income tax rate, which decreased to 26.1% from the 26.3% rate in 2014. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Quarter over quarter, gross revenue increased 9.7% to C$710.4 million in Q4 15 compared to C$647.5 million in Q4 14. This was positively impacted by
acquisitions completed in 2014 and 2015 and by foreign exchange due to the weakening Canadian dollar. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">When comparing Q4 15 to Q4 14, EBITDA decreased by
21%. EBITDA was impacted by a decrease in gross margin as a percentage of net revenue, an increase in administrative and marketing expenses due to lower overall utilization as a result of the continued decline in the oil and gas and mining sectors,
and an increase in share-based compensation expense. EBITDA was also impacted by a non-operating loss related to the sale of Stantec&#146;s India subsidiary. Net income decreased 33.6% to C$25.3 million in Q4 15 from C$38.1 million in Q4 14, and
diluted earnings per share decreased 32.5% to C$0.27 in Q4 15 from C$0.40 in Q4 14. Net income was impacted by an increase in the amortization of intangible assets resulting from acquisitions and software additions. This was offset by a slight
reduction in the Company&#146;s effective tax rate, which decreased from 26.3% in Q3 15 to 26.1% in Q4 15. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>Operational Excellence </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Stantec&#146;s diverse business model fared well in shifting markets. The Buildings business operating unit experienced strong growth with organic gross
revenue increasing 5.6% in 2015 compared to 2014. The Healthcare, Commercial, and Education sectors led growth, demonstrated by the Company securing two major hospital projects in Quebec. Stantec&#146;s growing platform in the United States helped
secure </P>

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architectural services under the Temple Independent School District November Bond project in Texas. The project involves construction of one new school, major modernizations for three schools,
and additions and renovations for nine more schools. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">The continuing downturn in commodity prices, particularly in the oil and gas and mining sectors, led
to a retraction in gross revenue in the Energy &amp; Resources business operating unit. Despite the challenge, Stantec maintained client relationships and practiced fiscal responsibility. While overall organic gross revenue in the Power sector was
down, the Company did see growth in Power in the United States, where renewable energy and transmission and distribution subsectors drove opportunities. For example, in the fourth quarter, Stantec secured the Warnerville Substation Upgrades project
in Warnerville, California. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Compared to 2014, organic gross revenue growth in the Infrastructure business operating unit was strong at 5.5%. All sectors
in Infrastructure achieved strong organic gross revenue growth, particularly the Transportation sector in the United States and the Water sector in both Canada and the United States. Key projects awarded include full construction management services
for the east section of the Honolulu Authority for Rapid Transportation project in Hawaii and additional work on the Bonnybrook Wastewater Treatment Plant in Calgary, Alberta. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>Growth through Acquisition </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Acquisitions continue to be a key part
of Stantec&#146;s strategy, deepening the Company&#146;s expertise and strengthening its presence in priority markets. In 2015, the Company completed six acquisitions, including the January acquisition of certain engineering assets of the Dessau
Group. This opened the door to more opportunities in Quebec, enabling the Company to offer services in all regions of Canada and serve national clients wherever they operate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>Additional Company Activity </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">In Q4 15, Stantec filed a Normal
Course Issuer Bid with the Toronto Stock Exchange, which allows the Company to purchase up to 3,774,179 common shares from November 10, 2015, to November 9, 2016. Stantec believes that, at times, the market price of its common shares does not fully
reflect the value of its business or future business prospects and that, at these times, outstanding common shares are an attractive, appropriate, and desirable use of available Company funds. No common shares were repurchased in 2015 for
cancellation pursuant to this Normal Course Issuer Bid. From December 31, 2015, to February 24, 2016, pursuant to the Normal Course Issuer Bid, Stantec purchased and cancelled 572,825 shares at an average cost of C$31.76 per share for an aggregate
price of C$18.2 million. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">On February 24, 2016, the Company declared a cash dividend of C$0.1125 per share, payable on April 14, 2016, to shareholders of
record on March 31, 2016, an increase of 7.1% from last year. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>Conference Call and Company Information </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Stantec&#146;s fourth quarter and year-end conference call&#151;to be held Thursday, February 25, 2016, at 2:00 PM MST (4:00 PM EST)&#151;will be broadcast
live and archived in the <U>Investors</U> section of </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">
<U>www.stantec.com</U>. Financial analysts who wish to participate in the earnings conference call are invited to call <B>1-800-499-4035 </B>and provide confirmation code <B>1142474 </B>to the
operator. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Stantec&#146;s Annual General Meeting of Shareholders will be held on Thursday, May 12, 2016, at 10:30 AM MDT (12:30 PM EDT) at Stantec Centre,
10160 &#150; 112 Street NW, Edmonton, Alberta, Canada. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B><I>About Stantec </I></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><I>We&#146;re active members of the communities we serve. That&#146;s why at Stantec, we always </I><B><I>design with community in mind</I></B><I>.</I><B><I>
</I></B><I> </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><I>The Stantec community unites more than 15,000 employees working in over 250 locations. We collaborate across disciplines and
industries to bring buildings, energy and resource, environmental, and infrastructure projects to life. Our work&#151;professional consulting in planning, engineering, architecture, interior design, landscape architecture, surveying, environmental
sciences, project management, and project economics&#151;begins at the intersection of community, creativity, and client relationships. </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><I>Since
1954, our local strength, knowledge, and relationships, coupled with our world-class expertise, have allowed us to go anywhere to meet our clients&#146; needs in more creative and personalized ways. With a long-term commitment to the people and
places we serve, Stantec has the unique ability to connect to projects on a personal level and advance the quality of life in communities across the globe. Stantec trades on the TSX and the NYSE under the symbol STN. </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B><I>Cautionary Statements </I></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><I>Stantec&#146;s EBITDA and backlog
are non-IFRS measures. For a definition and explanation of non-IFRS measures, refer to the Critical Accounting Estimates, Developments, and Measures section of the Company&#146;s 2015 Annual Report. </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><I>Certain statements contained in this news release constitute forward-looking statements. Any such statements represent the views of management only as of
the date hereof and are presented for the purpose of assisting the Company&#146;s shareholders in understanding Stantec&#146;s operations, objectives, priorities, and anticipated financial performance as at and for the periods ended on the dates
presented, and may not be appropriate for other purposes. By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><I>We caution readers of this news release not to place undue reliance on our forward-looking statements since a number of factors could cause actual future
results to differ materially from the expectations expressed in these forward-looking statements. These factors include, but are not limited to, the risk of an economic downturn, changing market conditions for Stantec&#146;s services, disruptions in
government funding, the risk that Stantec will not meet its growth or revenue targets, and the risk that the projects contemplated in this news release will not be completed when expected or at all. Investors and the public should carefully consider
these factors, other uncertainties, and potential events, as well as the inherent </I></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><I>
uncertainty of forward-looking statements, when relying on these statements to make decisions with respect to our Company. </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><I>For more information about how other material risk factors could affect results, refer to the Risk Factors section and Cautionary Note Regarding
Forward-Looking Statements in our 2015 Annual Report. Stantec&#146;s 40-F has been filed with the SEC, and you may obtain this document by visiting EDGAR on the SEC website at
<FONT STYLE="font-family:Times New Roman" COLOR="#0000ff"><U>www.sec.gov</U></FONT>. You may obtain our complete audited annual consolidated financial statements and associated Management&#146;s Discussion and Analysis for the year ended December
31, 2015 (which form our 2015 Annual Report) by visiting EDGAR on the SEC website at <FONT STYLE="font-family:Times New Roman" COLOR="#0000ff"><U>www.sec.gov</U></FONT>, on the CSA website at
<FONT STYLE="font-family:Times New Roman" COLOR="#0000ff"><U>www.sedar.com</U></FONT>, or at <FONT STYLE="font-family:Times New Roman" COLOR="#0000ff"><U>www.stantec.com</U></FONT>. Alternatively, you may obtain a hard copy of the 2015 Annual Report
free of charge from our Investor Contact noted below. </I></P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" ALIGN="center">


<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="71%"></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL"><B>Media Contact</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL"><B>Investor Contact</B></P></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">Stephanie Smith</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">Sonia Kirby</P></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">Stantec Media Relations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">Stantec Investor Relations</P></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">Ph: 780-917-7230</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">Ph: 780-616-2785</P></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL"><FONT COLOR="#0000ff"><U>stephanie.smith2@stantec.com</U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL"><FONT COLOR="#0000ff"><U>sonia.kirby@stantec.com</U></FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:36pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="right"><B>Design with community in mind </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><I>- Continued, Consolidated Statements of Financial Position and </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><I>Consolidated Statements of Income attached &#150; </I></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><B>Consolidated Statements of Financial Position </B></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">


<TR>
<TD WIDTH="80%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" BGCOLOR="#e5e4e1"><B>December&nbsp;31</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right">December&nbsp;31</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" BGCOLOR="#e5e4e1"><B>2015</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right">2014</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><FONT STYLE="font-size:7pt"><B></B><I>(In thousands of Canadian dollars)</I><B></B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1"><B>$</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000">$</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>ASSETS</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Current</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Cash and cash equivalents</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>67,342</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">153,704</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Cash in escrow</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>8,646</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Trade and other receivables</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>570,577</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">431,751</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Unbilled revenue</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>228,970</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">192,310</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Income taxes recoverable</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>19,727</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11,171</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Prepaid expenses</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>29,022</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23,425</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Other financial assets</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>27,108</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">32,056</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Total current assets</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>951,392</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">844,417</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Non-current</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Property and equipment</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>158,085</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">152,707</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Goodwill</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>966,480</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">760,631</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Intangible assets</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>138,079</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">97,243</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Investments in joint ventures and associates</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>4,467</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,975</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Deferred tax assets</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>11,254</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,972</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Other financial assets</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>112,122</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">91,696</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:2.00pt solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Total assets</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>2,341,879</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" ALIGN="right">1,959,641</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>LIABILITIES AND SHAREHOLDERS&#146; EQUITY</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Current</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Trade and other payables</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>352,199</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">300,293</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Billings in excess of costs</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>109,159</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">96,082</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Long-term debt</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>133,055</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">53,172</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Provisions</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>22,878</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,796</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Other financial liabilities</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>2,601</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,773</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Other liabilities</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>12,162</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">11,953</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Total current liabilities</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>632,054</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">475,069</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Non-current</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Long-term debt</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>232,301</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">256,093</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Provisions</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>62,572</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">51,596</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Deferred tax liabilities</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>21,256</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23,773</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Other financial liabilities</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>2,748</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,547</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Other liabilities</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>67,688</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">64,318</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Total liabilities</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>1,018,619</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">873,396</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Shareholders&#146; equity</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Share capital</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>289,118</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">276,698</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Contributed surplus</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>15,788</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13,490</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Retained earnings</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>852,725</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">735,917</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Accumulated other comprehensive income</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>165,629</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">60,140</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Total shareholders&#146; equity</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>1,323,260</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">1,086,245</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:2.00pt solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Total liabilities and shareholders&#146; equity</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>2,341,879</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" ALIGN="right">1,959,641</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD></TR>
</TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>Consolidated Statements of Income </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="84%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><B></B>Years ended December&nbsp;31<B></B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" BGCOLOR="#e5e4e1"><B>2015</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right">2014</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><FONT STYLE="font-size:7pt"><B></B><I>(In thousands of Canadian dollars, except per share amounts)</I><B></B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1"><B>$</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000">$</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Gross revenue</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>2,877,245</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,529,918</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Less subconsultant and other direct expenses</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>503,562</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">454,607</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Net revenue</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>2,373,683</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,075,311</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Direct payroll costs</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>1,081,088</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">936,918</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Gross margin</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>1,292,595</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,138,393</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Administrative and marketing expenses</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>988,571</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">846,148</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Depreciation of property and equipment</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>45,880</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">38,698</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Amortization of intangible assets</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>37,853</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24,252</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net interest expense</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>10,929</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,515</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other net finance expense</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>3,308</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,083</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Share of income from joint ventures and associates</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>(2,048</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,419</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Foreign exchange gain</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>(273</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(425</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other income</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>(3,232</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">(2,659</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">)&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Income before income taxes</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>211,607</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">223,200</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Income taxes</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Current</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" ALIGN="right"><B>61,527</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">59,728</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deferred</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>(6,298</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">(1,026</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">)&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total income taxes</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>55,229</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">58,702</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:2.00pt solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Net income for the year</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>156,378</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" ALIGN="right">164,498</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Earnings per share</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Basic</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>1.66</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">1.76</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="4" BGCOLOR="#e5e4e1"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:2.00pt solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Diluted</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e4e1" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1" ALIGN="right"><B>1.65</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#e5e4e1"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" ALIGN="right">1.74</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD></TR>
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