<SEC-DOCUMENT>0001193125-17-338005.txt : 20171109
<SEC-HEADER>0001193125-17-338005.hdr.sgml : 20171109
<ACCEPTANCE-DATETIME>20171109070406
ACCESSION NUMBER:		0001193125-17-338005
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20171109
FILED AS OF DATE:		20171109
DATE AS OF CHANGE:		20171109

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:		171188230

	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>d485999d6k.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:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Form <FONT STYLE="white-space:nowrap">6-K</FONT> </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 <FONT STYLE="white-space:nowrap">13a-16</FONT> or <FONT STYLE="white-space:nowrap">15d-16</FONT> 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:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">For the Month of: November, 2017</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Commission File Number: <FONT STYLE="white-space:nowrap">001-32562</FONT></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:24pt; 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:12pt; 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 <FONT
STYLE="white-space:nowrap">20-F</FONT> or <FONT STYLE="white-space:nowrap">Form&nbsp;40-F:</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:21%; font-size:12pt; font-family:Times New Roman">Form
<FONT STYLE="white-space:nowrap">20-F</FONT> <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Form <FONT STYLE="white-space:nowrap">40-F</FONT>
<U>&nbsp;&nbsp;X&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 <FONT STYLE="white-space:nowrap">6-K</FONT> in paper as
permitted by Regulation <FONT STYLE="white-space:nowrap">S-T</FONT> Rule&nbsp;101(b)(1): ____ </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 <FONT STYLE="white-space:nowrap">6-K</FONT> in paper as permitted by Regulation <FONT STYLE="white-space:nowrap">S-T</FONT> Rule&nbsp;101(b)(7): ____ </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="margin-top:12pt; margin-bottom:0pt; text-indent:26%; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>STANTEC INC. </B></P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Date:&nbsp;&nbsp;November&nbsp;9, 2017</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman">/s/ Daniel J. Lefaivre</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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;Daniel J. Lefaivre</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title:&nbsp;&nbsp;&nbsp;&nbsp;Executive Vice President and CFO</TD></TR>
</TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

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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:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom">&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>99.1</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;Press Release for Q3 2017 Results</TD></TR>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d485999dex991.htm
<DESCRIPTION>EX-99.1
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<TITLE>EX-99.1</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; 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="g485999001.jpg" ALT="LOGO">
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<TD VALIGN="top" ALIGN="right"><B>NEWS Release</B></TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL"><B>Stantec reports third quarter 2017 results with continued positive organic gross revenue growth in line with expectations </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>EDMONTON, AB; NEW YORK, NY </B>(November 9, 2017) <B>TSX, NYSE: STN</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>Highlights </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Gross revenue increased 3.3% to $1.3&nbsp;billion from Q3 16 to Q3 17 </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Overall organic gross revenue growth was 6.0% from Q3 16 to Q3 17 </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Strong organic gross revenue growth achieved in Energy&nbsp;&amp; Resources business operating unit (BOU): up 5.7% from Q3 16 to Q3 17 </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Organic gross revenue growth achieved in Buildings (3.0%), Infrastructure (2.8%), and Environmental Services (2.0%) from Q3 16 to Q3 17 </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
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<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
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<TD ALIGN="left" VALIGN="top">EBITDA as a percentage of net revenue was 12.5% in Q3 17 </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Net income was $46.2&nbsp;million in Q3 17 </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Diluted earnings per share (EPS) was $0.40 in Q3 17, and adjusted diluted EPS was $0.54 in Q3 17 </TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>Overview </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Continuing a trend that started earlier this year, Stantec&#146;s overall strength builds with organic growth in the third quarter of 2017. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Stantec&#146;s gross revenue rose<B> </B>3.3% from approximately $1.26&nbsp;billion in Q3 16 to $1.3&nbsp;billion in Q3 17, driven by acquisitions completed
in 2016 and 2017 and overall organic gross revenue growth of 6.0% from Q3 16 to Q3 17; both Consulting Services and Construction Services contributed to that growth. This builds on organic gross revenue growth in Q2 17, which was up 4.5% over Q2 16.
These results were possible because of the Company&#146;s diverse services and local expertise in many locations across the globe. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Four of Stantec&#146;s
five BOUs experienced organic gross revenue growth this quarter: Energy&nbsp;&amp; Resources was up 5.7% due to growth in the Company&#146;s Mining and Power sectors; Buildings was up 3.0%, due to continued activities on our Canadian healthcare
projects; Infrastructure was up 2.8%, mainly due to the Canadian Transportation sector; and Environmental Services was up 2.0%, mainly due to higher than expected project volumes in the Company&#146;s Global operations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Stantec&#146;s Water BOU experienced organic revenue retraction of 3.0% due to the completion of certain US projects and delays in project starts. These
factors&#151;as well as unfavorable foreign exchange rates, lower gross margins in Construction Services, a $3.8&nbsp;million increase in the fair value of the Company&#146;s stock-based compensation, and impacts from the hurricanes in Florida and
Houston&#151;led to decreases in some metrics in Q3 16 compared to Q3 17. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">EBITDA as a percentage of net revenue was 12.5%; diluted earnings per share (EPS) was $0.40; and adjusted diluted
EPS was $0.54. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Net income<B> </B>was $49.3&nbsp;million in Q3 16 and was $46.2&nbsp;million in Q3 17. The change was mainly due to the factors noted
previously, along with a $3.6&nbsp;million tax expense related to a corporate reorganization in Q3 17, which makes the Company&#146;s corporate tax and organizational structures more efficient. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><B>Financial Summary </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>Quarter Ended September&nbsp;30</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B></B><I>(In millions of Canadian
dollars,</I><B></B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B></B><I>except per share amounts and %)</I><B></B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#d8d8d8"><B>2017</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><B>$<BR>Change</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><B>%<BR>Change</B></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Gross revenue</P></TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right"><B>1,299.2</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8"><B>&nbsp;</B></TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,257.3</TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">41.9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.3</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:2pt">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Adjusted EBITDA (<I>note)</I></P></TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right"><B>106.9</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">113.7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(6.8</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(6.0</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:2pt">%)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <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 earnings per share</P></TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right"><B>0.40</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(0.03</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(7.0</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:2pt">%)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Adjusted diluted earnings per<BR>share
<I>(note)</I></P></TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right"><B>0.54</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.55</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(0.01</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1.8</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:2pt">%)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash
dividends declared per<BR>common share</P></TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#d8d8d8"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#d8d8d8" ALIGN="right"><B>0.125</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#d8d8d8"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">0.1125</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">0.0125</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">11.1</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">%&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><I>note: adjusted EBITDA and adjusted diluted earnings per share (EPS) are <FONT STYLE="white-space:nowrap">non-IFRS</FONT>
measures and are further discussed in the Definition of <FONT STYLE="white-space:nowrap">Non-IFRS</FONT> Measures in the Critical Accounting Estimates, Developments, and&nbsp;Measures section (the Definitions section) of our 2016 Annual Report.</I>
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>Executive Commentary </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">According to Bob Gomes, president and
chief executive officer, Stantec met the challenges presented during the third quarter: &#147;Of most importance this quarter is that all of our employees in the states affected by hurricanes are safe. We are heavily involved in recovery efforts in
Texas, Louisiana, and Florida,&#148; Gomes says. &#147;While it&#146;s too soon to say what our ultimate involvement in rebuilding will be, it&#146;s very likely a lot of work lies ahead. As for this quarter&#146;s financial results, the increases
in gross revenue and organic growth represent a continued positive trend in line with the projections for performance we outlined earlier this year. We were very happy with our Energy&nbsp;&amp; Resources BOU, which had strong organic gross revenue
growth of 5.7% over the same quarter last year, driven mainly by growth in our Power and Mining sectors&#151;a welcome development. The end of some large projects, delays in project <FONT STYLE="white-space:nowrap">start-ups</FONT> in our water
business, and foreign exchange rates negatively affected some financial metrics, but altogether, these results show that our diverse service offerings and our global reach mitigates business headwinds and helps us achieve consistent
performance.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>Subsequent Event </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Stantec declared and paid
a cash dividend of $0.1250 per share on October&nbsp;12, 2017, to shareholders of record on September&nbsp;29, 2017. On November&nbsp;8, 2017, Stantec declared a dividend of $0.1250 per share, payable on January&nbsp;11, 2018, to shareholders of
record on December&nbsp;29, 2017. </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:ARIAL"><B>Conference Call and Company Information </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Stantec&#146;s third quarter conference call&#151;to be held Thursday, November&nbsp;9, at 7:00 AM MST (9:00 AM EST)&#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 are invited to call
<B><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-866-233-4566</FONT></FONT></FONT></B> (Canada and United States) or <B><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">1-416-204-1042</FONT></FONT></FONT> </B>(international)<B> </B>and provide the operator with confirmation code <B>2252252</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B><I>About Stantec </I></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><I>We&#146;re active members of the
communities we serve. That&#146;s why at Stantec, we always&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 6 continents. We collaborate across disciplines and industries to bring buildings, energy and resource, environmental, water, and infrastructure projects to life. Our work&#151;engineering,
architecture, interior design, landscape architecture, surveying, environmental sciences, construction services, project management, and project economics, from initial project concept and planning through to design, construction, commissioning,
maintenance, decommissioning, and remediation&#151;begins at the intersection of community, creativity, and client relationships. </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><I>Our local
strength, knowledge, and relationships, coupled with our world-class expertise, have allowed us to go anywhere to meet our clients&#146; needs in more creative and personalized ways. With a long-term commitment to the people and places we serve,
Stantec has the unique ability to connect to projects on a personal level and advance the quality of life in communities across the globe. Stantec trades on the TSX and the NYSE under the symbol STN. Visit us at <U>stantec.com</U> 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:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><I>Stantec&#146;s EBITDA, adjusted EBITDA, and adjusted diluted earnings per share are <FONT STYLE="white-space:nowrap">non-IFRS</FONT> measures. For a
definition and explanation of <FONT STYLE="white-space:nowrap">non-IFRS</FONT> measures, refer to the Critical Accounting Estimates, Developments, and Measures section of the Company&#146;s 2016 Annual Report and the Company&#146;s 2017 Third
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. These
statements include, but are not limited to, anticipated tax and organizational efficiencies to be gained by our corporate restructuring, and statements regarding anticipated work associated with hurricane recovery efforts. 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, our ability to secure and complete work in a competitive
landscape, as well as global tax reform. 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 2016 Annual Report and the 2017 Third Quarter Management&#146;s Discussion and Analysis. Stantec&#146;s <FONT STYLE="white-space:nowrap">40-F</FONT> has been filed with
the SEC, and you may obtain this document by visiting EDGAR on the SEC website at <FONT STYLE="font-family:Times New Roman" COLOR="#0000ff"><U>sec.gov</U></FONT>. You may obtain our complete audited annual consolidated financial statements and
associated Management&#146;s Discussion and Analysis for the year ended December&nbsp;31, 2016 (which form our 2016 Annual Report) by visiting EDGAR on the SEC website at
<U><FONT STYLE="font-family:Times New Roman" COLOR="#0000ff">sec.gov</FONT></U>, on the CSA website at <U><FONT STYLE="font-family:Times New Roman" COLOR="#0000ff">sedar.com</FONT></U>, or at <U><FONT
STYLE="font-family:Times New Roman" COLOR="#0000ff">stantec.com</FONT></U>. Alternatively, you may obtain a printed copy of the 2016 Annual Report free of charge from our Investor Contact noted below. </I></P>
<P STYLE="font-size:18pt;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="37%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="61%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"><B>Media Contact</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>Investor Contact</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">Earl J. Woods</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Sonia Kirby</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">Stantec Media Relations</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Stantec Investor Relations</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">Ph: <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">780-969-6544</FONT></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Ph: <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">780-616-2785</FONT></FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"><U><FONT COLOR="#0000ff">earl.woods@stantec.com</FONT></U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT COLOR="#0000ff"><U>sonia.kirby@stantec.com</U></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="right"><B>Design with community in mind </B></P>
<P STYLE="margin-top:12pt; 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:15pt; font-family:ARIAL"><FONT COLOR="#ff9b26">Consolidated Statements of Financial Position </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">(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="80%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><I>(In thousands of Canadian dollars)</I></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="right"><B>September&nbsp;30</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="right"><B>2017</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman" ALIGN="right"><B>$</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="right">December&nbsp;31</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="right">2016</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman" ALIGN="right">$</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; 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="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; 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="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"> <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 cash equivalents</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>198,430</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">210,903</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"> <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>8,721</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,844</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"> <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>802,454</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">806,417</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"> <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>483,982</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">421,829</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"> <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>49,271</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">46,705</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"> <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>53,392</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">62,253</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"> <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>13,367</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20,890</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px 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:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc" ALIGN="right"><B>5,610</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">4,679</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#cccccc"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; 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>1,615,227</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,582,520</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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:11pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">Non-current</FONT></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="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"> <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>208,042</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">213,931</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"> <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>1,547,766</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,828,061</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"> <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>277,423</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">449,530</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"> <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>10,279</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,220</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"> <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>27,272</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,195</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"> <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>180,349</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">160,056</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px 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:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc" ALIGN="right"><B>17,634</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">15,155</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#cccccc"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" 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:11pt; font-family:Times New Roman"><B>Total assets</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>3,883,992</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;&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">4,284,668</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#cccccc"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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:11pt; 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="page-break-inside:avoid ; 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:11pt; 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="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"> <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>666,177</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">718,197</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"> <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 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>187,402</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">201,766</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"> <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>5,634</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,795</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"> <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>197,007</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">91,876</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"> <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>28,732</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36,011</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"> <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>2,577</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,378</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px 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:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc" ALIGN="right"><B>23,418</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">20,795</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#cccccc"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; 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>1,110,947</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,072,818</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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:11pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">Non-current</FONT></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="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"> <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>612,953</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">928,586</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"> <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>82,159</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">80,664</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"> <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>34,890</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">50,490</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"> <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>65,987</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">79,592</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"> <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>9,041</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,591</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px 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:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc" ALIGN="right"><B>82,931</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">88,427</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#cccccc"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" 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:11pt; 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>1,998,908</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;&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">2,308,168</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#cccccc"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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:11pt; 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="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"> <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>875,580</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">871,822</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"> <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>20,681</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18,736</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"> <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>950,149</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">917,883</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px 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:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc" ALIGN="right"><B>35,359</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">167,287</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#cccccc"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman"><B>Total shareholders&#146; equity</B></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"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc" ALIGN="right"><B>1,881,769</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">1,975,728</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#cccccc"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">Non-controlling</FONT> interests</B></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"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc" ALIGN="right"><B>3,315</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">772</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#cccccc"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" 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:11pt; font-family:Times New Roman"><B>Total liabilities and 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>3,883,992</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;&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">4,284,668</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&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:15pt; font-family:ARIAL"><FONT COLOR="#ff9b26">Consolidated Statements of Income </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">(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="64%"></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="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<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;three&nbsp;quarters&nbsp;ended</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">September&nbsp;30</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">September&nbsp;30</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="6" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="6" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><I>(In thousands of Canadian dollars, except per share amounts)</I></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="right"><B>2017</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman" ALIGN="right"><B>$</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="right">2016</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman" ALIGN="right">$</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="right"><B>2017</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman" ALIGN="right"><B>$</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="right">2016</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman" ALIGN="right">$</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#cccccc"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#cccccc"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"> <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>1,299,181</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">1,257,313</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>3,894,122</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">3,059,338</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px 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">Less subconsultant/subcontractor and other direct
expenses</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"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc" ALIGN="right"><B>446,107</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">385,101</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc" ALIGN="right"><B>1,281,800</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">781,152</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#cccccc"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#cccccc"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"> <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>853,074</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">872,212</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>2,612,322</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">2,278,186</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px 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">Direct payroll costs</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"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc" ALIGN="right"><B>395,411</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">399,139</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc" ALIGN="right"><B>1,209,972</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">1,049,068</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#cccccc"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#cccccc"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"> <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>457,663</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">473,073</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>1,402,350</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">1,229,118</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; 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>351,655</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">358,255</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>1,102,644</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">971,562</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; 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>13,765</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">13,794</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>41,239</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">36,398</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; 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>19,213</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">24,265</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>61,450</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">55,009</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"> <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 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>6,413</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">7,667</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>20,225</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">21,598</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"> <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 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>3,047</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">1,991</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>6,597</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">5,643</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"> <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 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>(845</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">(688</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>(2,830</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">(1,764</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Foreign exchange (income) 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>(415</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">428</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>(252</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">493</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Gain on disposition of a subsidiary</P></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc" ALIGN="right">-</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>-</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></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>(54,576</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>-</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px 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 income</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"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc" ALIGN="right"><B>(2,546</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">(56</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">)&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc" ALIGN="right"><B>(3,890</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">(184</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">)&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#cccccc"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#cccccc"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px 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:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc" ALIGN="right"><B>67,376</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">67,417</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc" ALIGN="right"><B>231,743</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">140,363</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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: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="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; 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>886</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">15,456</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>29,268</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">36,365</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Current tax on disposition of subsidiary</P></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc" ALIGN="right">-</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>-</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></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>124,053</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>-</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"> <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</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>20,358</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">2,692</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>22,168</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">2,937</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px 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">Deferred tax on disposition of subsidiary</P></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc" ALIGN="right">-</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>-</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc" ALIGN="right"><B>(29,506</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>-</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#cccccc"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#cccccc"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px 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:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc" ALIGN="right"><B>21,244</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">18,148</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc" ALIGN="right"><B>145,983</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">39,302</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" 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>Net income for the period</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>46,132</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">49,269</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>85,760</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">101,061</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#cccccc"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#cccccc"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px 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">Weighted average number of shares outstanding -
basic</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"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc" ALIGN="right"><B>113,841,129</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">113,930,264</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc" ALIGN="right"><B>114,005,332</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">104,659,351</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#cccccc"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#cccccc"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px 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">Weighted average number of shares outstanding -
diluted</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"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc" ALIGN="right"><B>114,122,270</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">114,245,008</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc" ALIGN="right"><B>114,339,901</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">105,024,751</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#cccccc"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#cccccc"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px 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">Shares outstanding, end of period</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"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc" ALIGN="right"><B>113,899,196</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">113,945,237</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc" ALIGN="right"><B>113,899,196</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">113,945,237</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#cccccc"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#cccccc"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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: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="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px 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">Basic</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"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc" ALIGN="right"><B>0.41</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">0.43</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cccccc" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc" ALIGN="right"><B>0.75</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">0.97</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#cccccc"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#cccccc"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" 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">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>0.40</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">0.43</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>0.75</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">0.96</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD></TR>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
