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<SEC-DOCUMENT>0001173382-07-000002.txt : 20070208
<SEC-HEADER>0001173382-07-000002.hdr.sgml : 20070208
<ACCEPTANCE-DATETIME>20070208113548
ACCESSION NUMBER:		0001173382-07-000002
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20061231
FILED AS OF DATE:		20070208
DATE AS OF CHANGE:		20070208

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CAE INC
		CENTRAL INDEX KEY:			0001173382
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES [3690]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31402
		FILM NUMBER:		07590989

	BUSINESS ADDRESS:	
		STREET 1:		2025 LOGISTICS DRIVE
		CITY:			MISSISSAUGA
		STATE:			A6
		ZIP:			L5S 1Z9
		BUSINESS PHONE:		514-341-6780

	MAIL ADDRESS:	
		STREET 1:		8585 COTE DE LIESSE, CP 1800
		STREET 2:		DEPT. 04
		CITY:			ST-LAURENT, QUEBEC
		STATE:			A6
		ZIP:			H4L 4X4
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>prfeb807.htm
<DESCRIPTION>FORM 6K, PRESS RELEASE 3RD QUARTER RESULTS 2007
<TEXT>

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   <TITLE>prfeb807.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing</TITLE>
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<P align=left><B><FONT face=serif>SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 </FONT></B></P>
<P align=center><B><FONT face=serif>Form 6-K</FONT></B></P>
<P align=center><FONT face=serif>Report of Foreign Issuer </FONT><BR>
<FONT face=serif>Pursuant to Rule 13a-16 or 15d-16 of</FONT><BR>
<FONT face=serif>the Securities Exchange Act of 1934 </FONT></P>
<P align=center><FONT face=serif>For the month of: February 2007&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT face=serif>Commission File Number: 1-31402</FONT></P>
<P align=center><B><FONT face=serif>CAE INC. </FONT></B><BR>
<FONT face=serif>(Name of Registrant)</FONT></P>
<P align=center><B><FONT face=serif>8585 Cote de Liesse </FONT></B><BR>
<B><FONT face=serif>Saint-Laurent, Quebec </FONT></B><BR>
<B><FONT face=serif>Canada H4T 1G6 </FONT></B><BR>
<FONT face=serif>(Address of Principal Executive Offices)</FONT></P>
<P align=left><FONT face=serif>Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: </FONT></P>
<P align=center><FONT face=serif>Form 20-F&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT face=serif>Form 40-F X</FONT></P>
<P align=left><FONT face=serif>Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): </FONT><U><FONT face=serif>X</FONT></U></P>
<P align=left><FONT face=serif>Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the SEC pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934: </FONT></P>
<P align=center><FONT face=serif>Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT face=serif>No X</FONT></P>
<P align=left><FONT face=serif>If &#147;Yes&#148; is marked, indicate the file number assigned to the registrant in connection with Rule 12g3-2(b): N/A </FONT></P>
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<P align=center><B><FONT face=serif>SIGNATURES</FONT></B></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif>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. </FONT></P>
<TABLE style="WIDTH: 904px; HEIGHT: 144px" cellSpacing=0 cellPadding=0 width="5%" border=0>
<TR vAlign=bottom>
     <TD align=left width="49%">&nbsp; </TD>
     <TD noWrap align=left width="50%" colSpan=2><B><FONT face=serif size=4>CAE Inc.</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="49%"><FONT face=serif>Date: February 8, 2007</FONT>&nbsp; </TD>
     <TD align=left width="7%"><FONT face=serif>By:</FONT>&nbsp; </TD>
     <TD align=left width="43%"><FONT face=serif>/s/ Hartland Paterson</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="56%" colSpan=2></TD>
     <TD width="43%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="49%">&nbsp; </TD>
     <TD align=left width="7%"><FONT face=serif>Name:</FONT>&nbsp; </TD>
     <TD align=left width="43%"><FONT face=serif>Hartland J. Paterson</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="49%">&nbsp; </TD>
     <TD align=left width="7%"><FONT face=serif>Title:</FONT>&nbsp; </TD>
     <TD align=left width="43%"><FONT face=serif>Vice President Legal, General Counsel</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="49%">&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=left width="43%"><FONT face=serif>and Corporate Secretary</FONT>&nbsp; </TD></TR></TABLE><BR>
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<IMG src="pr08feb07en1x1x1.jpg" border=0>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B><FONT face=sans-serif size=6>Press Release</FONT></B>
<P align=left><B><FONT face=sans-serif size=4></FONT></B>&nbsp;</P>
<P align=left><B><FONT face=sans-serif size=4>CAE reports third quarter results for fiscal year 2007</FONT></B></P>
<UL>
<LI><B><FONT face=sans-serif size=2>Net earnings increased 71% year over year to CDN$29.7 million</FONT></B>
<LI><B><FONT face=sans-serif size=2>Revenue increased 20% year over year to CDN$331.2 million</FONT></B>
<LI><B><FONT face=sans-serif size=2>Net cash generated from continuing operations of CDN$78.7 million and free cash flow of</FONT></B> <B><FONT face=sans-serif size=2>CDN$35.6 million</FONT></B>
<LI><B><FONT face=sans-serif size=2>New orders of CDN$327.0 million for a total backlog of CDN$2.712 billion</FONT></B> </LI></UL>
<P align=left><B><I><FONT face=sans-serif size=2>Montreal, February 8, 2007 &#150;</FONT></I></B><FONT face=sans-serif size=2> (NYSE: CGT; TSX: CAE) &#150; CAE today reported financial results for the third quarter ended December 31, 2006. Net earnings were $29.7 million ($0.12 per share) this quarter, compared to $17.4 million ($0.07 per share) in the third quarter of last year. All financial information is in Canadian dollars. </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD align=left width="43%" colSpan=2><B><FONT face=sans-serif size=2>Summary of consolidated results</FONT></B>&nbsp; </TD>
     <TD align=left width="11%">&nbsp; </TD>
     <TD align=left width="11%">&nbsp; </TD>
     <TD align=left width="11%">&nbsp; </TD>
     <TD align=left width="11%">&nbsp; </TD>
     <TD align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="38%"><FONT face=sans-serif size=2>(millions, except operating margins)</FONT>&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=2>Q3-07</FONT>&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=2>Q2-07</FONT>&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=2>Q1-07</FONT>&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=2>Q4-06</FONT>&nbsp; </TD>
     <TD align=right width="9%"><FONT face=sans-serif size=2>Q3-06</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="38%"><FONT face=sans-serif size=2>Revenue</FONT>&nbsp; </TD>
     <TD align=left width="5%"><FONT face=sans-serif size=2>$</FONT>&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=2>331.2</FONT>&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=2>280.4</FONT>&nbsp; </TD>
     <TD align=center width="11%"><FONT face=sans-serif size=2>301.8</FONT>&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=2>284.3</FONT>&nbsp; </TD>
     <TD align=right width="9%"><FONT face=sans-serif size=2>276.6</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="38%"><FONT face=sans-serif size=2>Earnings before interest and</FONT>&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="11%">&nbsp; </TD>
     <TD align=left width="11%">&nbsp; </TD>
     <TD align=left width="11%">&nbsp; </TD>
     <TD align=left width="11%">&nbsp; </TD>
     <TD align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="38%"><FONT face=sans-serif size=2>income taxes (EBIT)</FONT>&nbsp; </TD>
     <TD align=left width="5%"><FONT face=sans-serif size=2>$</FONT>&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=2>44.2</FONT>&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=2>44.8</FONT>&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=2>47.1</FONT>&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=2>9.1</FONT>&nbsp; </TD>
     <TD align=right width="9%"><FONT face=sans-serif size=2>32.3</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="38%"><I><FONT face=sans-serif size=2>As a % of revenue</FONT></I>&nbsp; </TD>
     <TD align=left width="5%"><I><FONT face=sans-serif size=2>%</FONT></I>&nbsp; </TD>
     <TD align=right width="11%"><I><FONT face=sans-serif size=2>13.3</FONT></I>&nbsp; </TD>
     <TD align=right width="11%"><I><FONT face=sans-serif size=2>16.0</FONT></I>&nbsp; </TD>
     <TD align=right width="11%"><I><FONT face=sans-serif size=2>15.6</FONT></I>&nbsp; </TD>
     <TD align=right width="11%"><I><FONT face=sans-serif size=2>3.2</FONT></I>&nbsp; </TD>
     <TD align=right width="9%"><I><FONT face=sans-serif size=2>11.7</FONT></I>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="38%"><FONT face=sans-serif size=2>Net earnings</FONT>&nbsp; </TD>
     <TD align=left width="5%"><FONT face=sans-serif size=2>$</FONT>&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=2>29.7</FONT>&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=2>31.0</FONT>&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=2>32.4</FONT>&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=2>9.2</FONT>&nbsp; </TD>
     <TD align=right width="9%"><FONT face=sans-serif size=2>17.4</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="38%"><FONT face=sans-serif size=2>Backlog</FONT>&nbsp; </TD>
     <TD align=left width="5%"><FONT face=sans-serif size=2>$</FONT>&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=2>2,711.9</FONT>&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=2>2,584.0</FONT>&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=2>2,433.2</FONT>&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=2>2,460.0</FONT>&nbsp; </TD>
     <TD align=right width="9%"><FONT face=sans-serif size=2>2,368.3</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>(Comparable periods have been restated to reflect a change in stock-based compensation expenses (EIC-162))</FONT><SUP><FONT face=sans-serif size=1>(1) </FONT></SUP></P>
<P align=left><FONT face=sans-serif size=2>Net earnings from continuing operations, excluding non-recurring items</FONT><SUP><FONT face=sans-serif size=2>(2)</FONT></SUP><FONT face=sans-serif size=2>, were $32.0 million ($0.13 per share) this quarter, compared to $23.5 million ($0.09 per share) in the same quarter of last year. Net earnings for the quarter were $29.7 million, a 71% increase year over year. </FONT></P>
<P align=left><FONT face=sans-serif size=2>Consolidated revenue was $331.2 million, $54.6 million higher than the third quarter of 2006.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Third-quarter consolidated earnings before interest and taxes</FONT><SUP><FONT face=sans-serif size=2>(3)</FONT></SUP><FONT face=sans-serif size=2> (EBIT) were $44.2 million, or 13.3% of revenue. This percentage is lower this quarter than in the second quarter due mainly to a higher than average operating margin for the Simulation Products/Civil segment in Q2 and because of higher restructuring costs this quarter. Not including the effect of non-recurring items, EBIT was $47.0 million, or 14.2% of revenue. </FONT></P>
<P align=left><FONT face=sans-serif size=2>&#147;Our financial results for the third quarter continue to reflect our renewed competitive position and our improved profitability&#148;, said Robert E. Brown, CAE&#146;s President and Chief Executive Officer. &#147;Healthy aerospace industry conditions are presenting us with a number of growth opportunities, and we are continuing to build on our strengths as a technology and training services leader in both the civil and military markets.&#148; </FONT></P>
<P align=left><FONT face=sans-serif size=2>In civil training and services, CAE secured more than $95 million in new training contracts and announced an agreement with Embraer to form a global training joint venture for the Phenom 100 and 300 series aircraft. This marks our first training program for the very light jet and light jet markets. Since the end of the quarter we announced our plans to open CAE&#146;s first Indian flight training centre in Bangalore. </FONT></P>
<P align=left><FONT face=sans-serif size=2>1</FONT></P>
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<P align="left">
<FONT size=2 face="sans-serif">During the quarter CAE won orders for 10 civil full-flight simulators (FFSs). An additional two FFS orders have been announced since the end of the quarter, bringing our total announced orders to 29. While the fiscal
year is nearly complete, we expect that FFS sales will reach 33 by March 31, 2007.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">We secured a number of new military contracts this quarter, including a range of programs for the German, US and British forces as well as engineering development services to support a range of new homeland security
initiatives across Canada. These initiatives include developing simulation-based solutions for planning, experimentation, training and mission rehearsal. </FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=38%>
<B><FONT size=2 face="sans-serif">Business segment highlights</FONT></B>&nbsp;
	</TD>
	<TD align=left width=6%>
&nbsp;
	</TD>
	<TD align=left width=11%>
&nbsp;
	</TD>
	<TD align=left width=11%>
&nbsp;
	</TD>
	<TD align=left width=11%>
&nbsp;
	</TD>
	<TD align=left width=11%>
&nbsp;
	</TD>
	<TD align=left width=8%>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=38%>
<B><FONT size=2 face="sans-serif">Simulation Products/Civil (SP/C)</FONT></B>&nbsp;
	</TD>
	<TD align=left width=6%>
&nbsp;
	</TD>
	<TD align=left width=11%>
&nbsp;
	</TD>
	<TD align=left width=11%>
&nbsp;
	</TD>
	<TD align=left width=11%>
&nbsp;
	</TD>
	<TD align=left width=11%>
&nbsp;
	</TD>
	<TD align=left width=8%>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=38%>
<B><FONT size=2 face="sans-serif">Financial results</FONT></B>&nbsp;
	</TD>
	<TD align=left width=6%>
&nbsp;
	</TD>
	<TD align=left width=11%>
&nbsp;
	</TD>
	<TD align=left width=11%>
&nbsp;
	</TD>
	<TD align=left width=11%>
&nbsp;
	</TD>
	<TD align=left width=11%>
&nbsp;
	</TD>
	<TD align=left width=8%>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=38%>
<FONT size=2 face="sans-serif">(millions, except operating margins)</FONT>&nbsp;
	</TD>
	<TD align=left width=6%>
&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=2 face="sans-serif">Q3-07</FONT>&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=2 face="sans-serif">Q2-07</FONT>&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=2 face="sans-serif">Q1-07</FONT>&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=2 face="sans-serif">Q4-06</FONT>&nbsp;
	</TD>
	<TD align=right width=8%>
<FONT size=2 face="sans-serif">Q3-06</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=38%>
<FONT size=2 face="sans-serif">Revenue</FONT>&nbsp;
	</TD>
	<TD align=left width=6%>
<FONT size=2 face="sans-serif">&#36;</FONT>&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=2 face="sans-serif">92.1</FONT>&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=2 face="sans-serif">84.2</FONT>&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=2 face="sans-serif">74.2</FONT>&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=2 face="sans-serif">78.0</FONT>&nbsp;
	</TD>
	<TD align=right width=8%>
<FONT size=2 face="sans-serif">63.0</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=38%>
<FONT size=2 face="sans-serif">Segment operating income</FONT>&nbsp;
	</TD>
	<TD align=left width=6%>
<FONT size=2 face="sans-serif">&#36;</FONT>&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=2 face="sans-serif">15.5</FONT>&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=2 face="sans-serif">18.7</FONT>&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=2 face="sans-serif">10.9</FONT>&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=2 face="sans-serif">9.3</FONT>&nbsp;
	</TD>
	<TD align=right width=8%>
<FONT size=2 face="sans-serif">10.3</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=38%>
<I><FONT size=2 face="sans-serif">Operating margins</FONT></I>&nbsp;
	</TD>
	<TD align=left width=6%>
<I><FONT size=2 face="sans-serif">%</FONT></I>&nbsp;
	</TD>
	<TD align=right width=11%>
<I><FONT size=2 face="sans-serif">16.8</FONT></I>&nbsp;
	</TD>
	<TD align=right width=11%>
<I><FONT size=2 face="sans-serif">22.2</FONT></I>&nbsp;
	</TD>
	<TD align=right width=11%>
<I><FONT size=2 face="sans-serif">14.7</FONT></I>&nbsp;
	</TD>
	<TD align=right width=11%>
<I><FONT size=2 face="sans-serif">11.9</FONT></I>&nbsp;
	</TD>
	<TD align=right width=8%>
<I><FONT size=2 face="sans-serif">16.3</FONT></I>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=38%>
<FONT size=2 face="sans-serif">Backlog</FONT>&nbsp;
	</TD>
	<TD align=left width=6%>
<FONT size=2 face="sans-serif">&#36;</FONT>&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=2 face="sans-serif">340.0</FONT>&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=2 face="sans-serif">313.2</FONT>&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=2 face="sans-serif">297.5</FONT>&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=2 face="sans-serif">284.4</FONT>&nbsp;
	</TD>
	<TD align=right width=8%>
<FONT size=2 face="sans-serif">312.3</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
<HR noshade size=1>
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=1 face="sans-serif">(Comparable periods have been restated to reflect a change in stock-based compensation expenses (EIC-162))</FONT><SUP><FONT size=1 face="sans-serif">(1) </FONT></SUP></P>
<P align="left">
<FONT size=2 face="sans-serif">Revenue in the SP/C segment was &#36;92.1 million this quarter, up by 46% over the same period last year. Revenue increased as a result of the high level of recent orders, and because we obtained a customer&#146;s
final acceptance of certain simulators that are recorded as sale-type capital lease transactions for which percentage of completion revenue recognition was not applicable. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Segment operating income was &#36;15.5 million, up by 50% over the same period last year. This increase is mainly due to higher revenue this quarter, increased synergies, and a contribution by Investissement
Qu&eacute;bec to Project Phoenix, our research and development program.</FONT><I><FONT size=2 face="sans-serif"> </FONT></I></P>
<P align="left">
<FONT size=2 face="sans-serif">New orders totalled &#36;106.7 million, and segment backlog was &#36;340.0 million at the end of the quarter.</FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=37%>
<B><FONT size=2 face="sans-serif">Training &amp; Services/Civil (TS/C)</FONT></B>&nbsp;
	</TD>
	<TD align=left width=5%>
&nbsp;
	</TD>
	<TD align=left width=11%>
&nbsp;
	</TD>
	<TD align=left width=11%>
&nbsp;
	</TD>
	<TD align=left width=11%>
&nbsp;
	</TD>
	<TD align=left width=14%>
&nbsp;
	</TD>
	<TD align=left width=7%>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=37%>
<B><FONT size=2 face="sans-serif">Financial results</FONT></B>&nbsp;
	</TD>
	<TD align=left width=5%>
&nbsp;
	</TD>
	<TD align=left width=11%>
&nbsp;
	</TD>
	<TD align=left width=11%>
&nbsp;
	</TD>
	<TD align=left width=11%>
&nbsp;
	</TD>
	<TD align=left width=14%>
&nbsp;
	</TD>
	<TD align=left width=7%>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=37%>
<FONT size=2 face="sans-serif">(millions, except operating margins)</FONT>&nbsp;
	</TD>
	<TD align=left width=5%>
&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=2 face="sans-serif">Q3-07</FONT>&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=2 face="sans-serif">Q2-07</FONT>&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=2 face="sans-serif">Q1-07</FONT>&nbsp;
	</TD>
	<TD align=right width=14%>
<FONT size=2 face="sans-serif">Q4-06</FONT>&nbsp;
	</TD>
	<TD align=right width=7%>
<FONT size=2 face="sans-serif">Q3-06</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=37%>
<FONT size=2 face="sans-serif">Revenue</FONT>&nbsp;
	</TD>
	<TD align=left width=5%>
<FONT size=2 face="sans-serif">&#36;</FONT>&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=2 face="sans-serif">83.1</FONT>&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=2 face="sans-serif">78.4</FONT>&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=2 face="sans-serif">83.7</FONT>&nbsp;
	</TD>
	<TD align=right width=14%>
<FONT size=2 face="sans-serif">81.1</FONT>&nbsp;
	</TD>
	<TD align=right width=7%>
<FONT size=2 face="sans-serif">78.0</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=37%>
<FONT size=2 face="sans-serif">Segment operating income</FONT>&nbsp;
	</TD>
	<TD align=left width=5%>
<FONT size=2 face="sans-serif">&#36;</FONT>&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=2 face="sans-serif">13.5</FONT>&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=2 face="sans-serif">11.2</FONT>&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=2 face="sans-serif">18.3</FONT>&nbsp;
	</TD>
	<TD align=right width=14%>
<FONT size=2 face="sans-serif">14.9</FONT>&nbsp;
	</TD>
	<TD align=right width=7%>
<FONT size=2 face="sans-serif">14.1</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=37%>
<I><FONT size=2 face="sans-serif">Operating margins</FONT></I>&nbsp;
	</TD>
	<TD align=left width=5%>
<I><FONT size=2 face="sans-serif">%</FONT></I>&nbsp;
	</TD>
	<TD align=right width=11%>
<I><FONT size=2 face="sans-serif">16.2</FONT></I>&nbsp;
	</TD>
	<TD align=right width=11%>
<I><FONT size=2 face="sans-serif">14.3</FONT></I>&nbsp;
	</TD>
	<TD align=right width=11%>
<I><FONT size=2 face="sans-serif">21.9</FONT></I>&nbsp;
	</TD>
	<TD align=right width=14%>
<I><FONT size=2 face="sans-serif">18.4</FONT></I>&nbsp;
	</TD>
	<TD align=right width=7%>
<I><FONT size=2 face="sans-serif">18.1</FONT></I>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=37%>
<FONT size=2 face="sans-serif">Backlog</FONT>&nbsp;
	</TD>
	<TD align=left width=5%>
<FONT size=2 face="sans-serif">&#36;</FONT>&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=2 face="sans-serif">905.6</FONT>&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=2 face="sans-serif">842.9</FONT>&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=2 face="sans-serif">817.6</FONT>&nbsp;
	</TD>
	<TD align=right width=14%>
<FONT size=2 face="sans-serif">809.0</FONT>&nbsp;
	</TD>
	<TD align=right width=7%>
<FONT size=2 face="sans-serif">805.2</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=89% colspan=6>
<FONT size=1 face="sans-serif">(Comparable periods have been restated to reflect a change in stock-based compensation expenses (EIC-162))</FONT><SUP><FONT size=1 face="sans-serif">(1)</FONT></SUP>&nbsp;
	</TD>
	<TD align=left width=7%>
&nbsp;
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=2 face="sans-serif">Revenue in the TS/C segment increased 6% over last quarter and by 7% from the same period last year. The increase from last quarter was partially due to seasonality and the appreciation of the euro, British pound and
the US dollar against the Canadian dollar. This was partly offset by some disruption associated with the restructuring and redeployment of FFSs during the quarter. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">2</FONT></P>

<HR noshade align="center" width="100%" size=2>



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<A name="page_3"></A>

<P align="left">
<FONT size=2 face="sans-serif">Segment operating income was &#36;13.5 million (16.2% of revenue), up by 21% from last quarter (&#36;11.2 million or 14.3% of revenue) but down by 4% from the third quarter of last year (&#36;14.1 million or 18.1% of
revenue). While our civil training business showed increased operational strength, margins in the quarter were impacted by costs associated with the expansion, consolidation and construction of some of our training centres.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Segment operating income for the first nine months of fiscal 2007 was &#36;43.0 million, compared to &#36;42.2 million for the same period last year.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">New orders totalled &#36;95.6 million, and segment backlog was &#36;905.6 million at the end of the quarter. </FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=40%>
<B><FONT size=2 face="sans-serif">Simulation Products/Military (SP/M)</FONT></B>&nbsp;
	</TD>
	<TD align=left width=4%>
&nbsp;
	</TD>
	<TD align=left width=11%>
&nbsp;
	</TD>
	<TD align=left width=11%>
&nbsp;
	</TD>
	<TD align=left width=11%>
&nbsp;
	</TD>
	<TD align=left width=11%>
&nbsp;
	</TD>
	<TD align=left width=8%>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<B><FONT size=2 face="sans-serif">Financial results</FONT></B>&nbsp;
	</TD>
	<TD align=left width=4%>
&nbsp;
	</TD>
	<TD align=left width=11%>
&nbsp;
	</TD>
	<TD align=left width=11%>
&nbsp;
	</TD>
	<TD align=left width=11%>
&nbsp;
	</TD>
	<TD align=left width=11%>
&nbsp;
	</TD>
	<TD align=left width=8%>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<FONT size=2 face="sans-serif">(millions, except operating margins)</FONT>&nbsp;
	</TD>
	<TD align=left width=4%>
&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=2 face="sans-serif">Q3-07</FONT>&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=2 face="sans-serif">Q2-07</FONT>&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=2 face="sans-serif">Q1-07</FONT>&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=2 face="sans-serif">Q4-06</FONT>&nbsp;
	</TD>
	<TD align=right width=8%>
<FONT size=2 face="sans-serif">Q3-06</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<FONT size=2 face="sans-serif">Revenue</FONT>&nbsp;
	</TD>
	<TD align=left width=4%>
<FONT size=2 face="sans-serif">&#36;</FONT>&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=2 face="sans-serif">105.2</FONT>&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=2 face="sans-serif">64.3</FONT>&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=2 face="sans-serif">95.8</FONT>&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=2 face="sans-serif">77.5</FONT>&nbsp;
	</TD>
	<TD align=right width=8%>
<FONT size=2 face="sans-serif">82.8</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<FONT size=2 face="sans-serif">Segment operating income</FONT>&nbsp;
	</TD>
	<TD align=left width=4%>
<FONT size=2 face="sans-serif">&#36;</FONT>&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=2 face="sans-serif">11.2</FONT>&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=2 face="sans-serif">7.3</FONT>&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=2 face="sans-serif">11.1</FONT>&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=2 face="sans-serif">6.8</FONT>&nbsp;
	</TD>
	<TD align=right width=8%>
<FONT size=2 face="sans-serif">6.2</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<I><FONT size=2 face="sans-serif">Operating margins</FONT></I>&nbsp;
	</TD>
	<TD align=left width=4%>
<I><FONT size=2 face="sans-serif">%</FONT></I>&nbsp;
	</TD>
	<TD align=right width=11%>
<I><FONT size=2 face="sans-serif">10.6</FONT></I>&nbsp;
	</TD>
	<TD align=right width=11%>
<I><FONT size=2 face="sans-serif">11.4</FONT></I>&nbsp;
	</TD>
	<TD align=right width=11%>
<I><FONT size=2 face="sans-serif">11.6</FONT></I>&nbsp;
	</TD>
	<TD align=right width=11%>
<I><FONT size=2 face="sans-serif">8.8</FONT></I>&nbsp;
	</TD>
	<TD align=right width=8%>
<I><FONT size=2 face="sans-serif">7.5</FONT></I>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<FONT size=2 face="sans-serif">Backlog</FONT>&nbsp;
	</TD>
	<TD align=left width=4%>
<FONT size=2 face="sans-serif">&#36;</FONT>&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=2 face="sans-serif">609.0</FONT>&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=2 face="sans-serif">626.3</FONT>&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=2 face="sans-serif">475.2</FONT>&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=2 face="sans-serif">540.5</FONT>&nbsp;
	</TD>
	<TD align=right width=8%>
<FONT size=2 face="sans-serif">453.0</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
<HR noshade size=1>
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=1 face="sans-serif">(Comparable periods have been restated to reflect a change in stock-based compensation expenses (EIC-162))</FONT><SUP><FONT size=1 face="sans-serif">(1) </FONT></SUP></P>
<P align="left">
<FONT size=2 face="sans-serif">Revenue in the SP/M segment was &#36;105.2 million this quarter, up by 27% over the same period last year. Higher activity on some European programs, particularly the Eurofighter program, a high level of activity on
some US programs and the depreciation of the Canadian dollar against the euro, British pound and the US dollar all contributed to this increase. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Segment operating income this quarter was &#36;11.2 million, up 81% year over year. The increase is due to higher revenues and an improvement in operating margins, which benefited from contributions by Investissement
Qu&eacute;bec to Project Phoenix.</FONT><I><FONT size=2 face="sans-serif"> </FONT></I></P>
<P align="left">
<FONT size=2 face="sans-serif">New orders totalled &#36;59.7 million, and segment backlog was &#36;609.0 million at the end of the quarter. We expect variations in the level of order bookings between quarters in both Military segments because of the
unique nature of military contracts and the irregular timing in which they are awarded.</FONT><B><FONT size=2 face="sans-serif"> </FONT></B></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=39%>
<B><FONT size=2 face="sans-serif">Training &amp; Services/Military (TS/M)</FONT></B>&nbsp;
	</TD>
	<TD align=left width=5%>
&nbsp;
	</TD>
	<TD align=left width=11%>
&nbsp;
	</TD>
	<TD align=left width=11%>
&nbsp;
	</TD>
	<TD align=left width=11%>
&nbsp;
	</TD>
	<TD align=left width=11%>
&nbsp;
	</TD>
	<TD align=left width=8%>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=39%>
<B><FONT size=2 face="sans-serif">Financial results</FONT></B>&nbsp;
	</TD>
	<TD align=left width=5%>
&nbsp;
	</TD>
	<TD align=left width=11%>
&nbsp;
	</TD>
	<TD align=left width=11%>
&nbsp;
	</TD>
	<TD align=left width=11%>
&nbsp;
	</TD>
	<TD align=left width=11%>
&nbsp;
	</TD>
	<TD align=left width=8%>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=39%>
<FONT size=2 face="sans-serif">(millions, except operating margins)</FONT>&nbsp;
	</TD>
	<TD align=left width=5%>
&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=2 face="sans-serif">Q3-07</FONT>&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=2 face="sans-serif">Q2-07</FONT>&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=2 face="sans-serif">Q1-07</FONT>&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=2 face="sans-serif">Q4-06</FONT>&nbsp;
	</TD>
	<TD align=right width=8%>
<FONT size=2 face="sans-serif">Q3-06</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=39%>
<FONT size=2 face="sans-serif">Revenue</FONT>&nbsp;
	</TD>
	<TD align=left width=5%>
<FONT size=2 face="sans-serif">&#36;</FONT>&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=2 face="sans-serif">50.8</FONT>&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=2 face="sans-serif">53.5</FONT>&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=2 face="sans-serif">48.1</FONT>&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=2 face="sans-serif">47.7</FONT>&nbsp;
	</TD>
	<TD align=right width=8%>
<FONT size=2 face="sans-serif">52.8</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=39%>
<FONT size=2 face="sans-serif">Segment operating income</FONT>&nbsp;
	</TD>
	<TD align=left width=5%>
<FONT size=2 face="sans-serif">&#36;</FONT>&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=2 face="sans-serif">6.8</FONT>&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=2 face="sans-serif">9.3</FONT>&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=2 face="sans-serif">11.5</FONT>&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=2 face="sans-serif">3.2</FONT>&nbsp;
	</TD>
	<TD align=right width=8%>
<FONT size=2 face="sans-serif">8.4</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=39%>
<I><FONT size=2 face="sans-serif">Operating margins</FONT></I>&nbsp;
	</TD>
	<TD align=left width=5%>
<I><FONT size=2 face="sans-serif">%</FONT></I>&nbsp;
	</TD>
	<TD align=right width=11%>
<I><FONT size=2 face="sans-serif">13.4</FONT></I>&nbsp;
	</TD>
	<TD align=right width=11%>
<I><FONT size=2 face="sans-serif">17.4</FONT></I>&nbsp;
	</TD>
	<TD align=right width=11%>
<I><FONT size=2 face="sans-serif">23.9</FONT></I>&nbsp;
	</TD>
	<TD align=right width=11%>
<I><FONT size=2 face="sans-serif">6.7</FONT></I>&nbsp;
	</TD>
	<TD align=right width=8%>
<I><FONT size=2 face="sans-serif">15.9</FONT></I>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=39%>
<FONT size=2 face="sans-serif">Backlog</FONT>&nbsp;
	</TD>
	<TD align=left width=5%>
<FONT size=2 face="sans-serif">&#36;</FONT>&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=2 face="sans-serif">857.3</FONT>&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=2 face="sans-serif">801.6</FONT>&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=2 face="sans-serif">842.9</FONT>&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=2 face="sans-serif">826.1</FONT>&nbsp;
	</TD>
	<TD align=right width=8%>
<FONT size=2 face="sans-serif">797.8</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
<HR noshade size=1>
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=1 face="sans-serif">(Comparable periods have been restated to reflect a change in stock-based compensation expenses (EIC-162))</FONT><SUP><FONT size=1 face="sans-serif">(1) </FONT></SUP></P>
<P align="left">
<FONT size=2 face="sans-serif">Revenue in the TS/M segment was &#36;50.8 million, down by 4% over the same period last year. The decrease is due to lower activity on some North American support services contracts, which was partly offset by the
depreciation of the Canadian dollar against the euro, British pound and the US dollar.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">3</FONT></P>

<HR noshade align="center" width="100%" size=2>


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<A name="page_4"></A>
<P align=left><FONT face=sans-serif size=2>Segment operating income was $6.8 million, down by 19% over the same period last year. This decrease is mainly because of lower revenue as explained above and a cost recovery that benefited the third quarter last year, resulting from a rate negotiation with the Canadian government.</FONT></P>
<P align=left><FONT face=sans-serif size=2>New orders totalled $65.0 million this quarter, and segment backlog was $857.3 million at the end of the quarter.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Combined revenue this quarter for the Military business as a whole was $156.0 million and combined operating income was $18.0 million, resulting in an operating margin of 11.5% .</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Cash flow and financial position</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>As of the end of the third quarter, we generated $</FONT><FONT face=sans-serif size=2>78.7</FONT><B><FONT face=sans-serif size=2> </FONT></B><FONT face=sans-serif size=2>million of net cash from continuing operations. We invested $42.7 million in capital expenditures, and received $8.5 million in non-recourse financing. As a result, we generated free cash flow</FONT><SUP><FONT face=sans-serif size=2>(4)</FONT></SUP><FONT face=sans-serif size=2> of $35.6 million this quarter. </FONT></P>
<P align=left><FONT face=sans-serif size=2>Net debt</FONT><SUP><FONT face=sans-serif size=2>(5) </FONT></SUP><FONT face=sans-serif size=2>was $187.7 million for the quarter, down by 6% from last quarter. </FONT></P>
<P align=left><FONT face=sans-serif size=2>CAE will pay a dividend of $0.01 per share on March 30, 2007 to shareholders of record on March 16, 2007. </FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Additional consolidated financial results</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>The consolidated backlog was $2.712 billion at the end of this quarter, compared to $2.584 billion at the end of last quarter. New orders of $327.0 million were added to backlog this quarter and favourable foreign exchange movements accounted mainly for another $132.1 million. This was partly offset by $331.2 million of revenues generated from backlog.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Capital expenditures for the quarter were $42.7 million and we expect total capital expenditures in 2007 to be about $170 million. At this time we estimate capital expenditures of approximately the same order of magnitude next fiscal year. The growth of our network will be financed from free cash flow and non-recourse debt. </FONT></P>
<P align=left><FONT face=sans-serif size=2>Income taxes were $11.6 million this quarter, representing an effective tax rate of 28%. We expect the effective income tax rate for fiscal 2007 to be slightly below 30% (not including the effect of non-recurring items).</FONT></P>
<P align=left><FONT face=sans-serif size=2>Excluding non-recurring items, earnings per share from continuing operations were $0.13, compared to $0.12 last quarter and $0.09 in the third quarter of last year. Our third quarter results included a non-recurring charge of $2.3 million after tax, which represents the last of the restructuring and related costs under the plan announced in February 2005.</FONT></P>
<P align=left><FONT face=sans-serif size=2>You will find a more detailed discussion of our results by segment in the Management&#146;s discussion and analysis (MD&amp;A) as well as in our consolidated financial statements which are posted on our website at </FONT><U><FONT face=sans-serif color=#0000ff size=2>http://www.cae.com/financialsQ3FY07</FONT></U><FONT face=sans-serif size=2>. </FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Conference call</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>CAE will host a conference call today at 12:00 p.m. EST for analysts, institutional investors and the media. North American participants can listen to the conference by dialling 1-866-542-4236 or (514) 868-1042. Overseas participants can dial +800-6578-9868 or 1(514) 868-1042. The conference call will also be audio Webcast live for the public at </FONT><U><FONT face=sans-serif color=#0000ff size=2>www.cae.com</FONT></U><FONT face=sans-serif size=2>. </FONT></P>
<P align=left><FONT face=sans-serif size=2>4</FONT></P>
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<P align="left">
<FONT size=2 face="sans-serif">CAE is a world leader in providing simulation and modelling technologies, and integrated training services to the civil aviation industry and defence forces around the globe. We design, manufacture and supply
simulation equipment and offer training and services. This includes integrated modelling, simulation and training solutions for commercial airlines, business aircraft operators, aircraft manufacturers and military organizations and a global network
of training centres for pilots, and in some instances, cabin crew and maintenance workers.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">With annual revenues of over CDN&#36;1 billion, CAE operates in 19 countries around the world. CAE has sold nearly 700 simulators and training devices to airlines, aircraft manufacturers, training centres and defence
forces for air and ground purposes in more than 40 countries. With over 110 full-flight simulators in more than 20 aviation training centres, serving approximately 3,500 airlines, aircraft operators and manufacturers across the globe, CAE licenses
its simulation software to various market segments and has a professional services division assisting customers with a wide range of simulation-based needs. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Certain statements made in this news release, including, but not limited to, statements that are not historical facts, are forward-looking and are subject to important risks, uncertainties and assumptions. The results
or events predicted in these forward-looking statements may differ materially from actual results or events. These statements do not reflect the potential impact of any non-recurring or other special items or events that are announced or completed
after the date of this news release, including mergers, acquisitions, or other business combinations and divestitures.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">You will find more information about the risks and uncertainties associated with our business in the MD&amp;A section of our annual report and annual information form for the year ended March 31, 2006. These documents
have been filed with the Canadian securities commissions and are available on our website (</FONT><U><FONT color="#0000ff" size=2 face="sans-serif">www.cae.com</FONT></U><FONT size=2 face="sans-serif">) and on SEDAR (</FONT><U><FONT color="#0000ff" size=2 face="sans-serif">www.sedar.com</FONT></U><FONT size=2 face="sans-serif">). They have also been filed with the US Securities and Exchange Commission under Form 40-F and are available on EDGAR (</FONT><U><FONT color="#0000ff" size=2 face="sans-serif">www.sec.gov)</FONT></U><FONT size=2 face="sans-serif">. The forward-looking statements contained in this news release represent our expectations as of February 8, 2007 and, accordingly, are subject to change after this
date.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">We do not update or revise forward-looking information even if new information becomes available unless legislation requires us to do so. You should not place undue reliance on forward-looking statements. </FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">Notes</FONT></B></P>
<P align="left">
<SUP><FONT size=2 face="sans-serif">(1)</FONT></SUP><FONT size=2 face="sans-serif"> All comparative prior periods have been retroactively restated for a recent change in accounting standards (EIC-162: Stock-Based Compensation for Employees Eligible
to Retire Before the Vesting Date). This change was required for all companies under Canadian GAAP for interim financial statements ending on or after December 31, 2006. </FONT></P>
<P align="left">
<SUP><FONT size=2 face="sans-serif">(2)</FONT></SUP><FONT size=2 face="sans-serif"> Non recurring items do not have any standardized meaning prescribed by Canadian generally accepted accounting principles (GAAP). We consider an item to be
non-recurring when it is outside the normal course of business either because it appears infrequently, is unusual or does not represent a normal business trend. Please refer to CAE Inc.&#146;s 2007 Third Quarter MD&amp;A dated February 8, 2007 for
more details. </FONT></P>
<P align="left">
<SUP><FONT size=2 face="sans-serif"> (3)</FONT></SUP><FONT size=2 face="sans-serif"> Earnings before interest and taxes (EBIT) does not have any standardized meaning prescribed by Canadian generally accepted accounting principles (GAAP). Please
refer to CAE Inc.&#146;s 2007 Third Quarter MD&amp;A dated February 8, 2007 for more details</FONT><B><FONT size=2 face="sans-serif">.</FONT></B></P>
<P align="left">
<FONT size=1 face="sans-serif"> </FONT><SUP><FONT size=2 face="sans-serif">(4)</FONT></SUP><B><FONT size=2 face="sans-serif"> </FONT></B><FONT size=2 face="sans-serif">Free cash flow is a measure that tells us how much cash we have available to
build the business, repay debt and meet ongoing financial obligations. We use it as an indicator of our financial strength and liquidity. We calculate it by taking the net cash generated by our continuing operating activities, subtracting all
capital expenditures (including growth capital expenditures and</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">5</FONT></P>

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<P align="left">
<FONT size=2 face="sans-serif">capitalized costs) and dividends paid, and then adding the proceeds from sales and leaseback and other asset-specific financing. Free cash flow does not have any standardized meaning prescribed by Canadian generally
accepted accounting principles (GAAP). Please refer to CAE Inc.&#146;s 2007 Third Quarter MD&amp;A dated February 8, 2007 for more details. </FONT></P>
<P align="left">
<SUP><FONT size=2 face="sans-serif">(5)</FONT></SUP><FONT size=2 face="sans-serif"> Net debt is a measure we use to monitor how much debt we have after taking into account liquid assets such as cash and cash equivalents.  Net debt does not have any
standardized meaning prescribed by Canadian generally accepted accounting principles (GAAP). Please refer to CAE Inc.&#146;s 2007 Third Quarter MD&amp;A dated February 8, 2007 for more details.</FONT></P>
<P align="center">
<FONT size=2 face="sans-serif">&#150; 30 &#150;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">On the Web: </FONT><U><FONT color="#0000ff" size=2 face="sans-serif">www.cae.com</FONT></U><BR>
<BR>
<B><FONT size=2 face="sans-serif">Media contact: </FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">Nathalie Bourque, Vice President, Global Communications, (514) 734-5788, </FONT><U><FONT color="#0000ff" size=2 face="sans-serif">nathalie.bourque@cae.com</FONT></U></P>
<P align="left">
<B><FONT size=2 face="sans-serif">Investor relations</FONT></B><FONT size=2 face="sans-serif">:</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Andrew Arnovitz, Director, Investor Relations, (514) 734-5760, </FONT><U><FONT color="#0000ff" size=2 face="sans-serif">andrew.arnovitz@cae.com</FONT></U></P>
<P align="left">
<FONT size=2 face="sans-serif">6</FONT></P>

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<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD align=left width="47%"><FONT face=sans-serif color=#0000ff size=4>Consolidated Balance Sheets</FONT>&nbsp; </TD>
     <TD align=right width="16%">&nbsp; </TD>
     <TD align=left width="9%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="10%"></TD>
     <TD align=left width="9%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="47%"><I><FONT face=sans-serif size=2>(Unaudited)</FONT></I>&nbsp; </TD>
     <TD align=right width="16%">&nbsp; </TD>
     <TD align=right width="9%">
<P><B><FONT face=sans-serif size=2>As at <BR>
</FONT></B><B><FONT face=sans-serif size=2>December 31</FONT></B> </P></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="10%"></TD>
     <TD align=right width="9%"><FONT face=sans-serif size=2>As at<BR>
&nbsp;March 31</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="47%"><I><FONT face=sans-serif size=2>(amounts in millions of Canadian dollars)</FONT></I>&nbsp; </TD>
     <TD align=right width="16%">&nbsp; </TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=2>2006</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="10%"></TD>
     <TD align=right width="9%"><FONT face=sans-serif size=2>2006</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="95%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="47%">&nbsp; </TD>
     <TD align=right width="16%">&nbsp; </TD>
     <TD align=left width="9%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="10%"></TD>
     <TD align=right width="9%"><FONT face=sans-serif size=2>(Restated)</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="47%"><B><FONT face=sans-serif color=#0000ff size=2>Assets</FONT></B>&nbsp; </TD>
     <TD align=right width="16%">&nbsp; </TD>
     <TD align=left width="9%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="10%"></TD>
     <TD align=left width="9%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="47%"><I><FONT face=sans-serif size=2>Current assets</FONT></I>&nbsp; </TD>
     <TD align=right width="16%">&nbsp; </TD>
     <TD align=left width="9%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="10%"></TD>
     <TD align=left width="9%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="47%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>Cash and cash equivalents</FONT>&nbsp; </TD>
     <TD align=right width="16%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <B><FONT face=sans-serif size=2>$</FONT></B>&nbsp; </TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=2>112.9</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="10%"><FONT face=sans-serif size=2>$</FONT> </TD>
     <TD align=right width="9%"><FONT face=sans-serif size=2>81.1</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="47%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>Accounts receivable</FONT>&nbsp; </TD>
     <TD align=right width="16%">&nbsp; </TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=2>328.7</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="10%"></TD>
     <TD align=right width="9%"><FONT face=sans-serif size=2>260.3</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="47%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>Inventories</FONT>&nbsp; </TD>
     <TD align=right width="16%">&nbsp; </TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=2>85.1</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="10%"></TD>
     <TD align=right width="9%"><FONT face=sans-serif size=2>93.2</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="47%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>Prepaid expenses</FONT>&nbsp; </TD>
     <TD align=right width="16%">&nbsp; </TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=2>25.2</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="10%"></TD>
     <TD align=right width="9%"><FONT face=sans-serif size=2>25.2</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="47%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>Income taxes recoverable</FONT>&nbsp; </TD>
     <TD align=right width="16%">&nbsp; </TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=2>68.4</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="10%"></TD>
     <TD align=right width="9%"><FONT face=sans-serif size=2>75.7</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="47%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>Future income taxes</FONT>&nbsp; </TD>
     <TD align=right width="16%">&nbsp; </TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=2>5.9</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="10%"></TD>
     <TD align=right width="9%"><FONT face=sans-serif size=2>5.7</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="95%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="47%">&nbsp; </TD>
     <TD align=right width="16%">&nbsp; </TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=2>626.2</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="10%"></TD>
     <TD align=right width="9%"><FONT face=sans-serif size=2>541.2</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="47%"><FONT face=sans-serif size=2>Property, plant and equipment, net</FONT>&nbsp; </TD>
     <TD align=right width="16%">&nbsp; </TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=2>980.8</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="10%"></TD>
     <TD align=right width="9%"><FONT face=sans-serif size=2>839.3</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="47%"><FONT face=sans-serif size=2>Future income taxes</FONT>&nbsp; </TD>
     <TD align=right width="16%">&nbsp; </TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=2>61.4</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="10%"></TD>
     <TD align=right width="9%"><FONT face=sans-serif size=2>78.2</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="47%"><FONT face=sans-serif size=2>Intangible assets</FONT>&nbsp; </TD>
     <TD align=right width="16%">&nbsp; </TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=2>26.5</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="10%"></TD>
     <TD align=right width="9%"><FONT face=sans-serif size=2>23.3</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="47%"><FONT face=sans-serif size=2>Goodwill</FONT>&nbsp; </TD>
     <TD align=right width="16%">&nbsp; </TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=2>97.6</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="10%"></TD>
     <TD align=right width="9%"><FONT face=sans-serif size=2>92.0</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="47%"><FONT face=sans-serif size=2>Other assets</FONT>&nbsp; </TD>
     <TD align=right width="16%">&nbsp; </TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=2>125.0</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="10%"></TD>
     <TD align=right width="9%"><FONT face=sans-serif size=2>136.2</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="47%"><FONT face=sans-serif size=2>Long-term assets held for sale</FONT>&nbsp; </TD>
     <TD align=right width="16%">&nbsp; </TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=2>2.0</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="10%"></TD>
     <TD align=right width="9%"><FONT face=sans-serif size=2>5.9</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="95%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="47%">&nbsp; </TD>
     <TD align=right width="16%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=sans-serif size=2>$</FONT></B>&nbsp; </TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=2>1,919.5</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="10%"><FONT face=sans-serif size=2>$</FONT> </TD>
     <TD align=right width="9%"><FONT face=sans-serif size=2>1,716.1</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="95%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="47%"><B><FONT face=sans-serif color=#0000ff size=2>Liabilities and Shareholders&#146; Equity</FONT></B>&nbsp; </TD>
     <TD align=right width="16%">&nbsp; </TD>
     <TD align=left width="9%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="10%"></TD>
     <TD align=left width="9%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="47%"><I><FONT face=sans-serif size=2>Current liabilities</FONT></I>&nbsp; </TD>
     <TD align=right width="16%">&nbsp; </TD>
     <TD align=left width="9%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="10%"></TD>
     <TD align=left width="9%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="47%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>Accounts payable and accrued liabilities</FONT>&nbsp; </TD>
     <TD align=right width="16%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=sans-serif size=2>$</FONT></B>&nbsp; </TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=2>386.0</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="10%"><FONT face=sans-serif size=2>$</FONT> </TD>
     <TD align=right width="9%"><FONT face=sans-serif size=2>373.7</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="47%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>Deposits on contracts</FONT>&nbsp; </TD>
     <TD align=right width="16%">&nbsp; </TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=2>173.0</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="10%"></TD>
     <TD align=right width="9%"><FONT face=sans-serif size=2>146.4</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="47%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>Current portion of long-term debt</FONT>&nbsp; </TD>
     <TD align=right width="16%">&nbsp; </TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=2>38.6</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="10%"></TD>
     <TD align=right width="9%"><FONT face=sans-serif size=2>10.4</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="47%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>Future income taxes</FONT>&nbsp; </TD>
     <TD align=right width="16%">&nbsp; </TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=2>16.4</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="10%"></TD>
     <TD align=right width="9%"><FONT face=sans-serif size=2>14.5</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="95%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="47%">&nbsp; </TD>
     <TD align=right width="16%">&nbsp; </TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=2>614.0</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="10%"></TD>
     <TD align=right width="9%"><FONT face=sans-serif size=2>545.0</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="47%"><FONT face=sans-serif size=2>Long-term debt</FONT>&nbsp; </TD>
     <TD align=right width="16%">&nbsp; </TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=2>262.0</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="10%"></TD>
     <TD align=right width="9%"><FONT face=sans-serif size=2>260.9</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="47%"><FONT face=sans-serif size=2>Deferred gains and other long-term liabilities</FONT>&nbsp; </TD>
     <TD align=right width="16%">&nbsp; </TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=2>230.5</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="10%"></TD>
     <TD align=right width="9%"><FONT face=sans-serif size=2>211.2</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="47%"><FONT face=sans-serif size=2>Future income taxes</FONT>&nbsp; </TD>
     <TD align=right width="16%">&nbsp; </TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=2>20.1</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="10%"></TD>
     <TD align=right width="9%"><FONT face=sans-serif size=2>26.8</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="95%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="47%">&nbsp; </TD>
     <TD align=right width="16%">&nbsp; </TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=2>1,126.6</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="10%"></TD>
     <TD align=right width="9%"><FONT face=sans-serif size=2>1,043.9</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="95%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="47%"><B><FONT face=sans-serif color=#0000ff size=2>Shareholders&#146; Equity</FONT></B>&nbsp; </TD>
     <TD align=right width="16%">&nbsp; </TD>
     <TD align=left width="9%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="10%"></TD>
     <TD align=left width="9%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="47%"><FONT face=sans-serif size=2>Capital stock</FONT>&nbsp; </TD>
     <TD align=right width="16%">&nbsp; </TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=2>395.0</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="10%"></TD>
     <TD align=right width="9%"><FONT face=sans-serif size=2>389.0</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="47%"><FONT face=sans-serif size=2>Contributed surplus</FONT>&nbsp; </TD>
     <TD align=right width="16%">&nbsp; </TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=2>5.5</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="10%"></TD>
     <TD align=right width="9%"><FONT face=sans-serif size=2>5.6</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="47%"><FONT face=sans-serif size=2>Retained earnings</FONT>&nbsp; </TD>
     <TD align=right width="16%">&nbsp; </TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=2>478.4</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="10%"></TD>
     <TD align=right width="9%"><FONT face=sans-serif size=2>392.8</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="47%"><FONT face=sans-serif size=2>Cumulative translation adjustment</FONT>&nbsp; </TD>
     <TD align=right width="16%">&nbsp; </TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=2>(86.0</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=2>)</FONT></B>&nbsp; </TD>
     <TD align=left width="10%"></TD>
     <TD align=right width="9%"><FONT face=sans-serif size=2>(115.2</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=2>)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="95%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="47%">&nbsp; </TD>
     <TD align=right width="16%">&nbsp; </TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=2>792.9</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="10%"></TD>
     <TD align=right width="9%"><FONT face=sans-serif size=2>672.2</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="95%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="47%">&nbsp; </TD>
     <TD align=right width="16%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=sans-serif size=2>$</FONT></B>&nbsp; </TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=2>1,919.5</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="10%"><FONT face=sans-serif size=2>$</FONT> </TD>
     <TD align=right width="9%"><FONT face=sans-serif size=2>1,716.1</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="95%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_8"></A>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD align=left width="51%"><FONT face=sans-serif color=#0000ff size=4>Consolidated Statements of Earnings</FONT>&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=left width="3%">&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=left width="3%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="3%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="51%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=right width="16%" colSpan=3><B><FONT face=sans-serif size=2>Three months</FONT></B>&nbsp; </TD>
     <TD align=left width="3%">&nbsp; </TD>
     <TD align=right width="17%" colSpan=4><B><FONT face=sans-serif size=2>Nine months</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="51%"><I><FONT face=sans-serif size=2>(Unaudited)</FONT></I>&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=left width="3%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=2>ended</FONT></B>&nbsp; </TD>
     <TD align=left width="3%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="3%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=2>ended</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="51%"><I><FONT face=sans-serif size=2>(amounts in millions of Canadian dollars, except per</FONT></I>&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=right width="16%" colSpan=3><B><FONT face=sans-serif size=2>December 31</FONT></B>&nbsp; </TD>
     <TD align=left width="3%">&nbsp; </TD>
     <TD align=right width="17%" colSpan=4><B><FONT face=sans-serif size=2>December 31</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="51%"><I><FONT face=sans-serif size=2>share amounts)</FONT></I>&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=2>2006</FONT></B>&nbsp; </TD>
     <TD align=left width="3%">&nbsp; </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=2>2005</FONT>&nbsp; </TD>
     <TD align=left width="3%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=2>2006</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="3%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=2>2005</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="93%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="51%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=right width="19%" colSpan=4><FONT face=sans-serif size=2>(Restated) (Restated)</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="9%" colSpan=2><FONT face=sans-serif size=2>(Restated)</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="51%"><FONT face=sans-serif size=2>Revenue</FONT>&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>$</FONT></B>&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=2>331.2</FONT></B>&nbsp; </TD>
     <TD align=right width="3%">&nbsp; &nbsp;<FONT face=sans-serif size=2>$</FONT>&nbsp; </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=2>276.6</FONT>&nbsp; </TD>
     <TD align=right width="3%"><B><FONT face=sans-serif size=2>$</FONT></B>&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=2>913.4</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="3%">&nbsp; &nbsp;<FONT face=sans-serif size=2>$</FONT>&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=2>822.9</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="93%" colSpan=11>
<HR noShade SIZE=1>
&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="51%"><FONT face=sans-serif size=2>Earnings before interest and income taxes</FONT>&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>$</FONT></B>&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=2>44.2</FONT></B>&nbsp; </TD>
     <TD align=right width="3%">&nbsp; &nbsp;<FONT face=sans-serif size=2>$</FONT>&nbsp; </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=2>32.3</FONT>&nbsp; </TD>
     <TD align=right width="3%"><B><FONT face=sans-serif size=2>$</FONT></B>&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=2>136.1</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="3%">&nbsp; &nbsp;<FONT face=sans-serif size=2>$</FONT>&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=2>94.9</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="51%"><FONT face=sans-serif size=2>Interest expense, net</FONT>&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=2>2.9</FONT></B>&nbsp; </TD>
     <TD align=right width="3%">&nbsp; </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=2>6.1</FONT>&nbsp; </TD>
     <TD align=right width="3%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=2>7.1</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="3%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=2>15.3</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="93%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="51%"><FONT face=sans-serif size=2>Earnings before income taxes</FONT>&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>$</FONT></B>&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=2>41.3</FONT></B>&nbsp; </TD>
     <TD align=right width="3%">&nbsp; &nbsp;<FONT face=sans-serif size=2>$</FONT>&nbsp; </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=2>26.2</FONT>&nbsp; </TD>
     <TD align=right width="3%"><B><FONT face=sans-serif size=2>$</FONT></B>&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=2>129.0</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="3%">&nbsp; &nbsp;<FONT face=sans-serif size=2>$</FONT>&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=2>79.6</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="51%"><FONT face=sans-serif size=2>Income tax expense</FONT>&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=2>11.6</FONT></B>&nbsp; </TD>
     <TD align=right width="3%">&nbsp; </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=2>8.9</FONT>&nbsp; </TD>
     <TD align=right width="3%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=2>35.0</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="3%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=2>24.6</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="93%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="51%"><FONT face=sans-serif size=2>Earnings from continuing operations</FONT>&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>$</FONT></B>&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=2>29.7</FONT></B>&nbsp; </TD>
     <TD align=right width="3%">&nbsp; &nbsp;<FONT face=sans-serif size=2>$</FONT>&nbsp; </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=2>17.3</FONT>&nbsp; </TD>
     <TD align=right width="3%"><B><FONT face=sans-serif size=2>$</FONT></B>&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=2>94.0</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="3%">&nbsp; &nbsp;<FONT face=sans-serif size=2>$</FONT>&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=2>55.0</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="51%"><FONT face=sans-serif size=2>Results of discontinued operations</FONT>&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=2>-</FONT></B>&nbsp; </TD>
     <TD align=right width="3%">&nbsp; </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=2>0.1</FONT>&nbsp; </TD>
     <TD align=right width="3%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=2>(0.9</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=2>)</FONT></B>&nbsp; </TD>
     <TD align=right width="3%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=2>(0.6</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=2>)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="93%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="51%"><B><FONT face=sans-serif size=2>Net earnings</FONT></B>&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>$</FONT></B>&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=2>29.7</FONT></B>&nbsp; </TD>
     <TD align=right width="3%">&nbsp; &nbsp;<FONT face=sans-serif size=2>$</FONT>&nbsp; </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=2>17.4</FONT>&nbsp; </TD>
     <TD align=right width="3%"><B><FONT face=sans-serif size=2>$</FONT></B>&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=2>93.1</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="3%">&nbsp; &nbsp;<FONT face=sans-serif size=2>$</FONT>&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=2>54.4</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="93%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="51%"><B><FONT face=sans-serif size=2>Basic and diluted earnings per share from</FONT></B>&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=left width="3%">&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=left width="3%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="3%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="51%"><B><FONT face=sans-serif size=2>continuing operations</FONT></B>&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>$</FONT></B>&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=2>0.12</FONT></B>&nbsp; </TD>
     <TD align=right width="3%">&nbsp; &nbsp;<FONT face=sans-serif size=2>$</FONT>&nbsp; </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=2>0.07</FONT>&nbsp; </TD>
     <TD align=right width="3%"><B><FONT face=sans-serif size=2>$</FONT></B>&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=2>0.37</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="3%">&nbsp; &nbsp;<FONT face=sans-serif size=2>$</FONT>&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=2>0.22</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="93%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="51%"><B><FONT face=sans-serif size=2>Basic and diluted earnings per share</FONT></B>&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>$</FONT></B>&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=2>0.12</FONT></B>&nbsp; </TD>
     <TD align=right width="3%">&nbsp; &nbsp;<FONT face=sans-serif size=2>$</FONT>&nbsp; </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=2>0.07</FONT>&nbsp; </TD>
     <TD align=right width="3%"><B><FONT face=sans-serif size=2>$</FONT></B>&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=2>0.37</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="3%">&nbsp; &nbsp;<FONT face=sans-serif size=2>$</FONT>&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=2>0.22</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="93%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="51%"><FONT face=sans-serif size=2>Weighted average number of shares outstanding</FONT>&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=left width="3%">&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=left width="3%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="3%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="51%"><FONT face=sans-serif size=2>(Basic)</FONT>&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=2>251.2</FONT></B>&nbsp; </TD>
     <TD align=left width="3%">&nbsp; </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=2>250.2</FONT>&nbsp; </TD>
     <TD align=left width="3%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=2>251.0</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="3%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=2>249.6</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="93%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD align=left width="51%"><FONT face=sans-serif color=#0000ff size=4>Consolidated Statements of Retained Earnings</FONT>&nbsp; </TD>
     <TD align=left width="1%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="3%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="51%">&nbsp; </TD>
     <TD align=left width="1%">&nbsp; </TD>
     <TD align=right width="17%" colSpan=4><B><FONT face=sans-serif size=2>Three months</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="3%">&nbsp; </TD>
     <TD align=right width="17%" colSpan=4><B><FONT face=sans-serif size=2>Nine months</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="51%"><I><FONT face=sans-serif size=2>(Unaudited)</FONT></I>&nbsp; </TD>
     <TD align=left width="1%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=2>ended</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="3%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=2>ended</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="51%"><FONT face=sans-serif size=2>Restated</FONT>&nbsp; </TD>
     <TD align=left width="1%">&nbsp; </TD>
     <TD align=right width="17%" colSpan=4><B><FONT face=sans-serif size=2>December 31</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="3%">&nbsp; </TD>
     <TD align=right width="17%" colSpan=4><B><FONT face=sans-serif size=2>December 31</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="51%"><I><FONT face=sans-serif size=2>(amounts in millions of Canadian dollars)</FONT></I>&nbsp; </TD>
     <TD align=left width="1%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=2>2006</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=2>2005</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="3%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=2>2006</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=2>2005</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="93%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="51%"><FONT face=sans-serif size=2>Retained earnings at beginning of period as previously</FONT>&nbsp; </TD>
     <TD align=left width="1%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="3%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="51%"><FONT face=sans-serif size=2>reported</FONT>&nbsp; </TD>
     <TD align=right width="1%"><B><FONT face=sans-serif size=2>$</FONT></B>&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=2>454.3</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="2%"><FONT face=sans-serif size=2>$</FONT>&nbsp; </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=2>373.7</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="3%"><B><FONT face=sans-serif size=2>$</FONT></B>&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=2>395.7</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="2%"><FONT face=sans-serif size=2>$</FONT>&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=2>340.8</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="51%"><FONT face=sans-serif size=2>Adjustment for change in accounting policy</FONT>&nbsp; </TD>
     <TD align=right width="1%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=2>(3.1</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=2>)</FONT></B>&nbsp; </TD>
     <TD align=right width="2%">&nbsp; </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=2>(2.5</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=2>)</FONT>&nbsp; </TD>
     <TD align=right width="3%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=2>(2.9</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=2>)</FONT></B>&nbsp; </TD>
     <TD align=right width="2%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=2>(1.6</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=2>)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="93%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="51%"><FONT face=sans-serif size=2>Retained earnings at beginning of period as restated</FONT>&nbsp; </TD>
     <TD align=right width="1%"><B><FONT face=sans-serif size=2>$</FONT></B>&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=2>451.2</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="2%"><FONT face=sans-serif size=2>$</FONT>&nbsp; </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=2>371.2</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="3%"><B><FONT face=sans-serif size=2>$</FONT></B>&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=2>392.8</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="2%"><FONT face=sans-serif size=2>$</FONT>&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=2>339.2</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="51%"><FONT face=sans-serif size=2>Net earnings</FONT>&nbsp; </TD>
     <TD align=right width="1%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=2>29.7</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="2%">&nbsp; </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=2>17.4</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="3%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=2>93.1</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="2%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=2>54.4</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="51%"><FONT face=sans-serif size=2>Dividends</FONT>&nbsp; </TD>
     <TD align=right width="1%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=2>(2.5</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=2>)</FONT></B>&nbsp; </TD>
     <TD align=right width="2%">&nbsp; </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=2>(2.5</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=2>)</FONT>&nbsp; </TD>
     <TD align=right width="3%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=2>(7.5</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=2>)</FONT></B>&nbsp; </TD>
     <TD align=right width="2%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=2>(7.5</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=2>)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="93%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="51%"><FONT face=sans-serif size=2>Retained earnings at end of period</FONT>&nbsp; </TD>
     <TD align=right width="1%"><B><FONT face=sans-serif size=2>$</FONT></B>&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=2>478.4</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="2%"><FONT face=sans-serif size=2>$</FONT>&nbsp; </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=2>386.1</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="3%"><B><FONT face=sans-serif size=2>$</FONT></B>&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=2>478.4</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="2%"><FONT face=sans-serif size=2>$</FONT>&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=2>386.1</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="93%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=serif>2</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_9"></A>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD align=left width="48%"><FONT face=sans-serif color=#0000ff size=4>Consolidated Statements of Cash Flows</FONT>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="5%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="48%">&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="13%" colSpan=4><B><FONT face=sans-serif size=2>Three months</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="9%" colSpan=2><B><FONT face=sans-serif size=2>Nine months</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="48%">&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=2>ended</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>ended</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="48%"><I><FONT face=sans-serif size=2>(Unaudited)</FONT></I>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="13%" colSpan=4><B><FONT face=sans-serif size=2>December 31</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="9%" colSpan=2><B><FONT face=sans-serif size=2>December 31</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="48%"><I><FONT face=sans-serif size=2>(amounts in millions of Canadian dollars)</FONT></I>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>2006</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=2>2005</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="11%" colSpan=3>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=sans-serif size=2>2006</FONT></B>&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=2>2005</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="92%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="48%">&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="7%" colSpan=2><FONT face=sans-serif size=2>(Restated)</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=right width="15%" colSpan=4><FONT face=sans-serif size=2>(Restated) (Restated)</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="48%"><B><FONT face=sans-serif size=2>Operating activities</FONT></B>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="5%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="48%"><FONT face=sans-serif size=2>Net earnings</FONT>&nbsp; </TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=2>$</FONT></B> </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>29.7</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=center width="2%"><FONT face=sans-serif size=2>$</FONT>&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=2>17.4</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>$</FONT></B>&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>93.1</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=2>$</FONT>&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=2>54.4</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="48%"><FONT face=sans-serif size=2>Results of discontinued operations</FONT>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>-</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=2>(0.1</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=2>)</FONT>&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>0.9</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=2>0.6</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="92%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="48%"><FONT face=sans-serif size=2>Earnings from continuing operations</FONT>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>29.7</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=2>17.3</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>94.0</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=2>55.0</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="48%"><FONT face=sans-serif size=2>Adjustments to reconcile earnings to</FONT>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="5%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="48%">&nbsp; &nbsp;<FONT face=sans-serif size=2>cash flows from operating activities:</FONT>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="5%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="48%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>Depreciation</FONT>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>14.3</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=2>13.8</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>40.4</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=2>39.8</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="48%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>Amortization of deferred financing costs</FONT>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>0.2</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=2>0.2</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>0.6</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=2>1.9</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="48%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>Amortization of intangible and other assets</FONT>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>3.4</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=2>4.4</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>10.6</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=2>15.2</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="48%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>Future income taxes</FONT>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>(1.2</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=2>)</FONT></B>&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=2>2.8</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>11.4</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=2>(2.4</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=2>)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="48%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>Investment tax credits</FONT>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>9.6</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=2>(3.0</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=2>)</FONT>&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>5.5</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=2>(5.7</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=2>)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="48%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>Stock-based compensation plans</FONT>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>5.6</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=2>2.5</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>12.1</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=2>7.8</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="48%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>Other</FONT>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>(1.8</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=2>)</FONT></B>&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=2>(3.1</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=2>)</FONT>&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>3.9</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=2>(0.3</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=2>)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="48%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>Changes in non-cash working capital</FONT>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>18.9</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=2>55.9</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>(24.2</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=2>)</FONT></B>&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=2>55.1</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="92%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="48%"><FONT face=sans-serif size=2>Net cash provided by continuing operating activities</FONT>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>78.7</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=2>90.8</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>154.3</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=2>166.4</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="48%"><FONT face=sans-serif size=2>Net cash provided by discontinued operating activities</FONT>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>-</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=2>-</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>-</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=2>2.1</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="92%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="48%"><B><FONT face=sans-serif size=2>Net cash provided by operating activities</FONT></B>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>78.7</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=2>90.8</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>154.3</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=2>168.5</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="92%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="48%"><B><FONT face=sans-serif size=2>Investing activities</FONT></B>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="5%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="48%"><FONT face=sans-serif size=2>Business acquisitions (net of cash and cash equivalents</FONT>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="5%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="48%">&nbsp; &nbsp;<FONT face=sans-serif size=2>acquired)</FONT>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>(4.9</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=2>)</FONT></B>&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=2>-</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>(4.9</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=2>)</FONT></B>&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=2>2.6</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="48%"><FONT face=sans-serif size=2>Proceeds from disposal of discontinued operations</FONT>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>-</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=2>-</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>(6.6</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=2>)</FONT></B>&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=2>(4.9</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=2>)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="48%"><FONT face=sans-serif size=2>Capital expenditures</FONT>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>(42.7</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=2>)</FONT></B>&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=2>(45.6</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=2>)</FONT>&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>(124.3</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=2>)</FONT></B>&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=2>(87.8</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=2>)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="48%"><FONT face=sans-serif size=2>Deferred development costs</FONT>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>(0.1</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=2>)</FONT></B>&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=2>(0.4</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=2>)</FONT>&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>(0.3</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=2>)</FONT></B>&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=2>(0.4</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=2>)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="48%"><FONT face=sans-serif size=2>Deferred pre-operating costs</FONT>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>(2.6</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=2>)</FONT></B>&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=2>(0.1</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=2>)</FONT>&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>(2.7</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=2>)</FONT></B>&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=2>(0.4</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=2>)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="48%"><FONT face=sans-serif size=2>Other</FONT>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>(3.8</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=2>)</FONT></B>&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=2>(5.1</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=2>)</FONT>&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>(4.6</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=2>)</FONT></B>&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=2>(17.2</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=2>)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="92%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="48%"><FONT face=sans-serif size=2>Net cash used in continuing investing activities</FONT>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>(54.1</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=2>)</FONT></B>&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=2>(51.2</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=2>)</FONT>&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>(143.4</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=2>)</FONT></B>&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=2>(108.1</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=2>)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="48%"><FONT face=sans-serif size=2>Net cash used in discontinued investing activities</FONT>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>-</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=2>-</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>-</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=2>(2.3</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=2>)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="92%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="48%"><B><FONT face=sans-serif size=2>Net cash used in investing activities</FONT></B>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>(54.1</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=2>)</FONT></B>&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=2>(51.2</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=2>)</FONT>&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>(143.4</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=2>)</FONT></B>&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=2>(110.4</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=2>)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="92%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="48%"><B><FONT face=sans-serif size=2>Financing activities</FONT></B>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="5%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="48%"><FONT face=sans-serif size=2>Net borrowing under revolving unsecured credit facilities</FONT>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>(30.0</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=2>)</FONT></B>&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=2>(13.6</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=2>)</FONT>&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>-</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=2>(9.7</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=2>)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="48%"><FONT face=sans-serif size=2>Proceeds from long-term debt</FONT>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>18.0</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=2>4.6</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>42.5</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=2>25.8</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="48%"><FONT face=sans-serif size=2>Reimbursement of long-term debt</FONT>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>(14.2</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=2>)</FONT></B>&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=2>(33.2</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=2>)</FONT>&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>(21.8</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=2>)</FONT></B>&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=2>(61.9</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=2>)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="48%"><FONT face=sans-serif size=2>Dividends paid</FONT>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>(2.4</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=2>)</FONT></B>&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=2>(2.4</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=2>)</FONT>&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>(7.3</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=2>)</FONT></B>&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=2>(7.2</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=2>)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="48%"><FONT face=sans-serif size=2>Common stock issuance</FONT>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>0.9</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=2>1.2</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>3.6</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=2>6.2</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="48%"><FONT face=sans-serif size=2>Other</FONT>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>(1.6</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=2>)</FONT></B>&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=2>2.8</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>(1.0</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=2>)</FONT></B>&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=2>1.8</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="92%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="48%"><FONT face=sans-serif size=2>Net cash (used in) provided by continuing financing activities</FONT>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>(29.3</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=2>)</FONT></B>&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=2>(40.6</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=2>)</FONT>&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>16.0</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=2>(45.0</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=2>)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="48%"><FONT face=sans-serif size=2>Net cash provided by discontinued financing activities</FONT>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>-</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=2>-</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>-</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=2>1.2</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="92%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="48%"><B><FONT face=sans-serif size=2>Net cash (used in) provided by financing activities</FONT></B>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>(29.3</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=2>)</FONT></B>&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=2>(40.6</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=2>)</FONT>&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>16.0</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=2>(43.8</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=2>)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="92%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="48%"><B><FONT face=sans-serif size=2>Effect of foreign exchange rate changes</FONT></B>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="5%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="48%"><B><FONT face=sans-serif size=2>&nbsp; on cash and cash equivalents</FONT></B>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>6.8</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=2>(2.1</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=2>)</FONT>&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>4.9</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=2>(9.1</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=2>)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="92%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="48%"><B><FONT face=sans-serif size=2>Net increase (decrease) in cash and cash equivalents</FONT></B>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>2.1</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=2>(3.1</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=2>)</FONT>&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>31.8</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=2>5.2</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="48%"><B><FONT face=sans-serif size=2>Cash and cash equivalents at beginning of period</FONT></B>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>110.8</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=2>69.8</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>81.1</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=2>61.5</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="92%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="48%"><B><FONT face=sans-serif size=2>Cash and cash equivalents at end of period</FONT></B>&nbsp; </TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=2>$</FONT></B> </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>112.9</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=center width="2%"><FONT face=sans-serif size=2>$</FONT>&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=2>66.7</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>$</FONT></B>&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=2>112.9</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=2>$</FONT>&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=2>66.7</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="92%" colSpan=13>
<HR noShade SIZE=1>
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<HR align=center width="100%" noShade SIZE=2>

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