<SEC-DOCUMENT>0001193125-16-670911.txt : 20160804
<SEC-HEADER>0001193125-16-670911.hdr.sgml : 20160804
<ACCEPTANCE-DATETIME>20160804070104
ACCESSION NUMBER:		0001193125-16-670911
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20160803
FILED AS OF DATE:		20160804
DATE AS OF CHANGE:		20160804

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:		161805694

	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>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>d231745d6k.htm
<DESCRIPTION>6-K
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<HTML><HEAD>
<TITLE>6-K</TITLE>
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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:24pt;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:12pt" ALIGN="center">


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<TD VALIGN="top">For the Month of: August, 2016</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">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>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:19%; font-size:12pt; font-family:Times New Roman">Form 20-F&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form 40-F&nbsp;&nbsp; <U>&nbsp;&nbsp;X&nbsp;&nbsp;</U> </P>
<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;&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;&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:15%; 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="bottom">&nbsp;</TD>
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<TD VALIGN="top"><B>STANTEC INC.</B></TD></TR>
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<TD VALIGN="top">Date: August&nbsp;3, 2016</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>/s/ Daniel J. Lefaivre&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:&nbsp;&nbsp;&nbsp;Daniel J. Lefaivre</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive Vice President and CFO</TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT INDEX </B></P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:35.40pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Exhibit</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:107.45pt; font-size:12pt; font-family:Times New Roman">Description of Exhibit</P></TD></TR>


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<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Press Release for Q2 2016 Results</TD></TR>
</TABLE>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d231745dex991.htm
<DESCRIPTION>EX-99.1
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<HTML><HEAD>
<TITLE>EX-99.1</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<IMG SRC="g231745g61g81.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"><B>News Release</B></TD></TR>
</TABLE> <P STYLE="font-size:30pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL"><B>Stantec reports second quarter 2016 results 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>(August 4, 2016) <B>TSX, NYSE:STN </B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Contributions from acquisitions and steady organic gross revenue growth in Stantec&#146;s Infrastructure business operating unit and US regional operating
unit resulted in strong overall gross revenue growth of over 47% in the second quarter of 2016. The MWH Global (MWH) acquisition, which closed in early May, added significant gross revenue to many areas of Stantec&#146;s legacy Consulting Services
business and greatly expanded Global operations. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Results were impacted by a slight decrease in gross margin&#151;from 54.0% in Q2 15 to 53.6% in
Q2&nbsp;16&#151;due to the addition of the Construction Services business, which generates a lower margin than the Consulting Services business. In addition, there were downward pressures on fees in some sectors, coupled with execution challenges on
certain projects in the Buildings business operating unit and the Transportation sector. Administrative and marketing expenses were also higher, mainly due to acquisition-related costs and lease exit costs associated with optimizing office leases.
In addition, borrowing required to fund the MWH acquisition resulted in increased interest expense, and a breakage fee was incurred on the renegotiation of new credit facilities. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">&#147;We continued to see steady organic gross revenue growth in our Infrastructure business operating unit and in our US operations,&#148; says Bob Gomes,
Stantec president and chief executive officer. &#147;And with MWH officially part of our team, we have deeper capabilities and expertise to draw from, particularly in terms of water and natural resources infrastructure, and we have established a
global platform to allow us to further expand. As a combined company, we offer clients and communities around the world stronger and more diverse services.&#148; </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>Financial Summary</B></P></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">For the quarter ended June&nbsp;30</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><I>(In millions of Canadian dollars, except for share amounts and %)</I></P></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc"> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2016&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>Q2</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">2015<BR>Q2</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">%<BR>Change&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">Gross revenue</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc"> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>$1,046.6</B></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">$710.3</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">47.3&nbsp;&nbsp;&nbsp;&nbsp;</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">Adjusted EBITDA<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc"> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>$84.6</B></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">$75.8</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">11.6&nbsp;&nbsp;&nbsp;&nbsp;</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">Adjusted diluted earnings per share <SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc"> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>$0.37</B></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">$0.45</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">(17.8)&nbsp;&nbsp;&nbsp;&nbsp;</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">Cash dividends declared per common share</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc"> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>$0.1125</B></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">$0.105</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">7.1&nbsp;&nbsp;&nbsp;&nbsp;</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:3%; text-indent:-1%; font-size:9pt; font-family:Times New Roman"><I>(1) Adjusted EBITDA and adjusted diluted earnings per share are non-IFRS measures as defined
in the Cautionary Statements. </I></P>

<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">In addition to MWH, Stantec closed the acquisition of VOA Associates, Inc. (VOA). during the quarter,
demonstrating the Company&#146;s ability to execute its acquisition strategy at multiple levels simultaneously. VOA will further expand Stantec&#146;s architecture presence in several US states. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">With the addition of MWH, Stantec&#146;s business is now organized into two primary service offerings: Consulting Services&#151;which includes the
Company&#146;s legacy business and is augmented by MWH&#146;s expertise in infrastructure, energy and resources, and environmental services&#151;and Construction Services, which is composed of MWH&#146;s well-respected construction management
business. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Since the close of the MWH Global acquisition, Stantec has focused on aligning its financial systems to facilitate external reporting and is
completing the detailed integration-level diligence required to chart a path for ultimate integration. The Company expects to review various segments of MWH&#146;s business over the course of 2016 and anticipates these segments to be fully
integrated into Consulting Services by early 2017. The review and integration of some of MWH&#146;s global operations are not expected to occur until later in 2017. Construction Services will not be integrated into Stantec&#146;s Consulting Services
platform and will be reported as a separate business segment. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Consulting Services experienced gross revenue growth in the Infrastructure,
Energy&nbsp;&amp; Resources, and Environmental Services business operating units and the US and Global regional operating units when comparing Q2 16 to Q2 15, primarily due to contributions from acquisitions. During the quarter, the Infrastructure
business operating unit achieved strong organic gross revenue growth of 5.3%. This area of the business continues to benefit from government spending in transportation infrastructure in North America. The continued market expansion in the United
States resulted in organic gross revenue growth of 3.7% in that regional operating unit when compared to the same quarter last year. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Though
Energy&nbsp;&amp; Resources and Environmental Services achieved an overall increase in gross revenue, both business units experienced organic revenue retraction during the quarter due to the ongoing effects of low commodity prices. As a result,
gross revenue from Stantec&#146;s Canadian operations decreased quarter over quarter and year to date. Gross revenue for the Buildings business operating unit increased 7.9% year to date but decreased 0.4% when comparing Q2 16 to Q2 15 due to
execution challenges on certain projects. Despite this, Stantec continued to win significant buildings work during the quarter. For example, the Company was awarded full professional services for architecture and interior design for a new applied
sciences building at Tarleton State University, in Stephenville, Texas, which is part of the Texas A&amp;M University System. The 97,812 square-foot (9,087 square-metre), three-story building will provide state-of-the-art classroom and laboratory
space, parking facilities, and academic enhancement areas to compensate for the university&#146;s recent growth. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Gross revenue for Construction Services,
which provides construction management services primarily in the United Kingdom and the United States, was $140.7 million since the close of the MWH acquisition. The United Kingdom generated $58.0 million while the United States generated $82.7
million, highlighted by a recent win on the Avon Lake Water Pollution Control Center Plant in Avon Lake, Ohio. The improvement project will see construction of a new raw sewage pump station, screening building,
</P>

<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">
sludge thickener, and final clarifier as well as major renovation of the grit facility, primary settling tanks, aeration, UV disinfection, and sludge dewatering facilities. </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:2pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">On August&nbsp;3, 2016, Stantec
declared a cash dividend of $0.1125 per share, payable on October&nbsp;13, 2016, to shareholders of record on September&nbsp;30, 2016. </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:2pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Stantec&#146;s second quarter conference call&#151;to be held Thursday, August&nbsp;4, at 2:00 PM MDT (4:00 PM EDT)&#151;will be
broadcast live and archived in the <U>Investors</U> section of <U>stantec.com</U>. Financial analysts wanting to participate in the earnings conference call are invited to call <B>1-800-499-4035 </B>and provide the operator with confirmation code<B>
1143030</B>. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B><I>About Stantec </I></B></P> <P STYLE="margin-top:2pt; 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&nbsp;design with community in mind. </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><I>The Stantec community unites
approximately 22,000 employees working in over 400 locations across six continents. Our work&#151;engineering, architecture, interior design, landscape architecture, surveying, environmental sciences, project management, and project economics, from
initial project concept and planning through design, construction, and commissioning&#151;begins at the intersection of community, creativity, and client relationships.&nbsp;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. Visit us at stantec.com or find us on social media. </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:2pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><I>Stantec&#146;s adjusted EBITDA and
adjusted diluted earnings per share 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 and the
Company&#146;s 2016 Second Quarter Management&#146;s Discussion and Analysis. </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. Forward-looking statements in this news release include, but are not limited to: our expectation that the VOA acquisition will expand our architectural presence, our expectation on the timing for completion of the MWH
integration, and statements regarding the anticipated results of projects contemplated herein. 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='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>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 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 and the 2016 Second Quarter Management&#146;s Discussion and Analysis. 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 <U>www.sec.gov</U>. You may obtain our complete audited annual consolidated financial statements and associated Management&#146;s Discussion and Analysis for the year ended December&nbsp;31, 2015 (which form our 2015 Annual Report) by
visiting EDGAR on the SEC website at <U>www.sec.gov</U>, on the CSA website at <U>www.sedar.com</U>, or at <U>www.stantec.com</U>. 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="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL; font-size:11pt"><B>Media Contact</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL; font-size:11pt"><B>Investor Contact</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL; font-size:11pt">Stephanie Smith</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL; font-size:11pt">Sonia Kirby</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL; font-size:11pt">Stantec Media Relations</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL; font-size:11pt">Stantec Investor Relations</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL; font-size:11pt">Ph: 780-917-7230</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL; font-size:11pt">Ph: 780-616-2785</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL; font-size:11pt"><U>stephanie.smith2@stantec.com</U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL; font-size:11pt"><U>sonia.kirby@stantec.com</U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:30pt; 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>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center">(Unaudited) </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:9pt" ALIGN="center">


<TR>
<TD WIDTH="72%"></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" BGCOLOR="#cccccc"> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman" ALIGN="right"><B>June&nbsp;30</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2"> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman" ALIGN="right">December&nbsp;31</P></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="#cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" BGCOLOR="#cccccc"><B>2016</B></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right">2015</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><FONT STYLE="font-size:8pt"><I>(In thousands of Canadian dollars)</I></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc"><B>$</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1.50pt solid #000000">$</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4" BGCOLOR="#cccccc"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; 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="#cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"></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-top:0pt ; margin-bottom:0pt; 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="#cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"></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-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Cash and deposits</P></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" ALIGN="right"><B>156,173</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">67,342</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-top:0pt ; margin-bottom:0pt; 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="#cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" ALIGN="right"><B>13,086</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,646</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-top:0pt ; margin-bottom:0pt; 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="#cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" ALIGN="right"><B>766,534</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">570,577</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-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Unbilled revenue</P></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" ALIGN="right"><B>463,463</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">228,970</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-top:0pt ; margin-bottom:0pt; 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="#cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" ALIGN="right"><B>54,129</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,727</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-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Prepaid expenses</P></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" ALIGN="right"><B>62,170</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29,022</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-top:0pt ; margin-bottom:0pt; 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="#cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" ALIGN="right"><B>24,150</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,722</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:1.50pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Other assets</P></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc" ALIGN="right"><B>2,629</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right">386</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4" BGCOLOR="#cccccc"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; 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="#cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" ALIGN="right"><B>1,542,334</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">951,392</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-top:0pt ; margin-bottom:0pt; 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="#cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"></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-top:0pt ; margin-bottom:0pt; 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="#cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" ALIGN="right"><B>208,454</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">158,085</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-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Goodwill</P></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" ALIGN="right"><B>1,744,403</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">966,480</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-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Intangible assets</P></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" ALIGN="right"><B>422,299</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">138,079</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-top:0pt ; margin-bottom:0pt; 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="#cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" ALIGN="right"><B>9,627</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,467</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-top:0pt ; margin-bottom:0pt; 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="#cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" ALIGN="right"><B>22,049</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11,254</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-top:0pt ; margin-bottom:0pt; 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="#cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" ALIGN="right"><B>141,470</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">111,479</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:1.50pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Other assets</P></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc" ALIGN="right"><B>5,184</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right">643</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#cccccc"></TD>
<TD HEIGHT="8" 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-top:0pt ; margin-bottom:0pt; 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="#cccccc" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#cccccc" ALIGN="right"><B>4,095,820</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#cccccc"><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">2,341,879</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4" BGCOLOR="#cccccc"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>LIABILITIES AND EQUITY</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"></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-top:0pt ; margin-bottom:0pt; 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="#cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"></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-top:0pt ; margin-bottom:0pt; 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="#cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" ALIGN="right"><B>621,324</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">352,199</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-top:0pt ; margin-bottom:0pt; 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="#cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" ALIGN="right"><B>202,270</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">109,159</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-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Income taxes payable</P></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" ALIGN="right"><B>3,115</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><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-top:0pt ; margin-bottom:0pt; 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="#cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" ALIGN="right"><B>83,490</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">133,055</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-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Provisions</P></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" ALIGN="right"><B>35,000</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22,878</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-top:0pt ; margin-bottom:0pt; 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="#cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" ALIGN="right"><B>1,711</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,601</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:1.50pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Other liabilities</P></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc" ALIGN="right"><B>18,221</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right">12,162</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4" BGCOLOR="#cccccc"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; 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="#cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" ALIGN="right"><B>965,131</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">632,054</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-top:0pt ; margin-bottom:0pt; 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="#cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"></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-top:0pt ; margin-bottom:0pt; 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="#cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" ALIGN="right"><B>1,022,888</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">232,301</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-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Provisions</P></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" ALIGN="right"><B>75,047</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">62,572</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-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Net employee defined benefit liability</P></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" ALIGN="right"><B>25,441</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><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-top:0pt ; margin-bottom:0pt; 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="#cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" ALIGN="right"><B>61,702</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21,256</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-top:0pt ; margin-bottom:0pt; 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="#cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" ALIGN="right"><B>4,447</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,748</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:1.50pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Other liabilities</P></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc" ALIGN="right"><B>80,153</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right">67,688</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4" BGCOLOR="#cccccc"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; 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="#cccccc" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc" ALIGN="right"><B>2,234,809</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right">1,018,619</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4" BGCOLOR="#cccccc"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; 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="#cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"></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-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Share capital</P></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" ALIGN="right"><B>867,450</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">289,118</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-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Contributed surplus</P></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" ALIGN="right"><B>17,188</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,788</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-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Retained earnings</P></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" ALIGN="right"><B>864,779</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">852,725</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:1.50pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; 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="#cccccc" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc" ALIGN="right"><B>110,891</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right">165,629</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4" BGCOLOR="#cccccc"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; 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="#cccccc" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc" ALIGN="right"><B>1,860,308</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right">1,323,260</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4" BGCOLOR="#cccccc"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Non-controlling interests</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc" ALIGN="right"><B>703</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right">-</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4" BGCOLOR="#cccccc"></TD>
<TD HEIGHT="13" 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-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Total liabilities and equity</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#cccccc" ALIGN="right"><B>4,095,820</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#cccccc"><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">2,341,879</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD></TR>
</TABLE>

<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 Income </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center">(Unaudited) </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">


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<TD WIDTH="62%"></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>
<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-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center">For the quarter ended</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center">For&nbsp;the&nbsp;two&nbsp;quarters&nbsp;ended</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1.50pt solid #000000">June&nbsp;30</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1.50pt solid #000000">June&nbsp;30</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" ALIGN="right"><B>2016</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2015</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" ALIGN="right"><B>2016</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2015</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:1.50pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>(In thousands of Canadian dollars, except per share
amounts)</I></P></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc" ALIGN="right"><B>$</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right">$</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc" ALIGN="right"><B>$</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right">$</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4" BGCOLOR="#cccccc"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4" BGCOLOR="#cccccc"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; 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="#cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" ALIGN="right"><B>1,046,642</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">710,254</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" ALIGN="right"><B>1,802,025</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,415,977</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:1.50pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; 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="#cccccc" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc" ALIGN="right"><B>269,316</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right">116,336</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc" ALIGN="right"><B>396,051</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right">229,775</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4" BGCOLOR="#cccccc"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4" BGCOLOR="#cccccc"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; 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="#cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" ALIGN="right"><B>777,326</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">593,918</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" ALIGN="right"><B>1,405,974</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,186,202</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:1.50pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; 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="#cccccc" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc" ALIGN="right"><B>360,420</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right">273,138</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc" ALIGN="right"><B>649,929</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right">538,271</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4" BGCOLOR="#cccccc"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4" BGCOLOR="#cccccc"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; 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="#cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" ALIGN="right"><B>416,906</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">320,780</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" ALIGN="right"><B>756,045</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">647,931</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-top:0pt ; margin-bottom:0pt; 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="#cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" ALIGN="right"><B>341,630</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">244,968</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" ALIGN="right"><B>613,307</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">496,426</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-top:0pt ; margin-bottom:0pt; 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="#cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" ALIGN="right"><B>12,547</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11,162</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" ALIGN="right"><B>22,604</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22,004</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-top:0pt ; margin-bottom:0pt; 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="#cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" ALIGN="right"><B>19,941</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,679</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" ALIGN="right"><B>30,744</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18,906</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-top:0pt ; margin-bottom:0pt; 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="#cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" ALIGN="right"><B>10,843</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,863</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" ALIGN="right"><B>13,931</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,529</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-top:0pt ; margin-bottom:0pt; 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="#cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" ALIGN="right"><B>2,524</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">739</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" ALIGN="right"><B>3,652</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,577</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-top:0pt ; margin-bottom:0pt; 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="#cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" ALIGN="right"><B>(704</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(516</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" ALIGN="right"><B>(1,076</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,155</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Foreign exchange (gain) loss</P></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" ALIGN="right"><B>(39</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">94</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" ALIGN="right"><B>65</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(34</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other income</P></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc" ALIGN="right"><B>(253</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right">(6,749</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">)&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc" ALIGN="right"><B>(128</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right">(7,217</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">)&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4" BGCOLOR="#cccccc"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4" BGCOLOR="#cccccc"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; 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="#cccccc" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc" ALIGN="right"><B>30,417</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right">59,540</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc" ALIGN="right"><B>72,946</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right">111,895</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4" BGCOLOR="#cccccc"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4" BGCOLOR="#cccccc"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; 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="#cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"></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-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Current</P></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" ALIGN="right"><B>6,868</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17,103</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" ALIGN="right"><B>20,909</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31,204</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:1.50pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deferred</P></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc" ALIGN="right"><B>2,378</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right">(730</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">)&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc" ALIGN="right"><B>245</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right">(433</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">)&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4" BGCOLOR="#cccccc"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4" BGCOLOR="#cccccc"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; 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="#cccccc" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc" ALIGN="right"><B>9,246</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right">16,373</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc" ALIGN="right"><B>21,154</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right">30,771</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4" BGCOLOR="#cccccc"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4" BGCOLOR="#cccccc"></TD>
<TD HEIGHT="13" 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-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Net income for the period</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#cccccc" ALIGN="right"><B>21,171</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#cccccc"><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">43,167</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#cccccc" ALIGN="right"><B>51,792</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#cccccc"><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">81,124</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#cccccc"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#cccccc"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Weighted average number of shares outstanding &#150;
basic</P></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc" ALIGN="right"><B>106,207,939</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right">94,037,462</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc" ALIGN="right"><B>100,049,233</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right">93,950,055</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#cccccc"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#cccccc"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Weighted average number of shares outstanding &#150;
diluted</P></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc" ALIGN="right"><B>106,621,988</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right">94,645,377</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc" ALIGN="right"><B>100,451,362</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right">94,495,416</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#cccccc"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#cccccc"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Shares outstanding, end of the period</P></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc" ALIGN="right"><B>113,907,017</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right">94,186,720</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc" ALIGN="right"><B>113,907,017</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right">94,186,720</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4" BGCOLOR="#cccccc"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4" BGCOLOR="#cccccc"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; 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="#cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc"></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:1.50pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Basic</P></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc" ALIGN="right"><B>0.20</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right">0.46</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc" ALIGN="right"><B>0.52</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" BGCOLOR="#cccccc"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000" ALIGN="right">0.86</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#cccccc"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#cccccc"></TD>
<TD HEIGHT="8" 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-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Diluted</P></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#cccccc" ALIGN="right"><B>0.20</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#cccccc"><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">0.46</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#cccccc" ALIGN="right"><B>0.52</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000" BGCOLOR="#cccccc"><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">0.86</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD></TR>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
