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<SEC-DOCUMENT>0001173382-07-000004.txt : 20070214
<SEC-HEADER>0001173382-07-000004.hdr.sgml : 20070214
<ACCEPTANCE-DATETIME>20070214150048
ACCESSION NUMBER:		0001173382-07-000004
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20061231
FILED AS OF DATE:		20070214
DATE AS OF CHANGE:		20070214

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:		07618919

	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>fom6k-q3report.htm
<DESCRIPTION>6-K 3RD QUARTER REPORT-MD&A AND FINANCIAL STATEMENTS
<TEXT>

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<P align=center><B><FONT face=serif>SECURITIES AND EXCHANGE COMMISSION<BR>
</FONT></B><B><FONT face=serif>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; </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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nb
sp;&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: 876px; HEIGHT: 144px" cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD align=left width="54%">&nbsp; </TD>
     <TD align=left width="45%" colSpan=2><B><FONT face=serif size=4>CAE Inc.</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="54%"><FONT face=serif>Date: February 14, 2007</FONT>&nbsp; </TD>
     <TD align=left width="2%"><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%">
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</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="54%">&nbsp; </TD>
     <TD align=left width="2%"><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="54%">&nbsp; </TD>
     <TD align=left width="2%"><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="54%">&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="43%"><FONT face=serif>and Corporate Secretary</FONT>&nbsp; </TD></TR></TABLE><BR>
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<P align="left">
<FONT size=2 face="sans-serif">This report includes forward-looking statements about our markets, future financial performance, business strategy, plans, goals and objectives. Forward-looking statements normally contain words like </FONT><I><FONT size=2 face="sans-serif">believe, expect, anticipate, intend, continue, estimate, may, will, should </FONT></I><FONT size=2 face="sans-serif">and similar expressions. We have based these statements on estimates and assumptions that we believed were
reasonable when the statements were prepared. Our actual results could be substantially different because of the risks and uncertainties associated with our business, or because of events that are announced or completed after the date of this
report, including mergers, acquisitions, other business combinations and divestitures. You will find more information about the risks and uncertainties associated with our business in our 2006 annual report. 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>
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<P align=right><B><FONT face=sans-serif size=1>R E P O R T T O S H A R E H O L D E R S</FONT></B></P>
<P align=left><B><FONT face=sans-serif size=4>REPORT TO SHAREHOLDERS</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>CAE 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>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>Net earnings from continuing operations, excluding non-recurring items, 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>Consolidated revenue was $331.2 million, $54.6 million higher than the third quarter of 2006. Third-quarter consolidated earnings before interest and taxes (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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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; 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>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>
<P align=left><B><FONT face=sans-serif>BUSINESS SEGMENT HIGHLIGHTS</FONT></B></P>
<P align=left><B><FONT face=sans-serif>SIMULATION PRODUCTS/CIVIL (SP/C) </FONT></B></P>
<P align=left><FONT face=sans-serif size=2>Revenue in the SP/C segment was $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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>Segment operating income was $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&#233;bec to Project Phoenix, our research and development program. </FONT></P>
<P align=left><FONT face=sans-serif size=2>New orders totalled $106.7 million, and segment backlog was $340.0 million at the end of the quarter.</FONT></P>
<P align=right><B><FONT face=sans-serif size=1>C A E 2 0 0 7 Q 3 R E P O R T __ 1</FONT></B></P>
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<P align=left><B><FONT face=sans-serif size=1>R E P O R T T O S H A R E H O L D E R S</FONT></B></P>
<P align=left><B><FONT face=sans-serif>TRAINING &amp; SERVICES/CIVIL (TS/C)</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>Segment operating income was $13.5 million (16.2% of revenue), up by 21% from last quarter ($11.2 million or 14.3% of revenue) but down by 4% from the third quarter of last year ($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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>Segment operating income for the first nine months of fiscal 2007 was $43.0 million, compared to $42.2 million for the same period last year. </FONT></P>
<P align=left><FONT face=sans-serif size=2>New orders totalled $95.6 million, and segment backlog was $905.6 million at the end of the quarter.</FONT></P>
<P align=left><B><FONT face=sans-serif>SIMULATION PRODUCTS/MILITARY (SP/M)</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>Revenue in the SP/M segment was $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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>Segment operating income this quarter was $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&#233;bec to Project Phoenix.</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>New orders totalled $59.7 million, and segment backlog was $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></P>
<P align=left><B><FONT face=sans-serif>TRAINING &amp; SERVICES/MILITARY (TS/M)</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>Revenue in the TS/M segment was $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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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>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 $78.7 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 of $35.6 million this quarter.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Net debt 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=1>2 __ C A E 2 0 0 7 Q 3 R E P O R T</FONT></B></P>
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<P align=right><B><FONT face=sans-serif size=1>R E P O R T T O S H A R E H O L D E R S</FONT></B></P>
<P align=left><B><FONT face=sans-serif>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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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><B><FONT face=sans-serif>OTHER</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>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=right><B><FONT face=sans-serif size=1>C A E 2 0 0 7 Q 3 R E P O R T __ 3</FONT></B></P>
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<P align="left">
<B><FONT size=1 face="sans-serif">M A N A G E M E N T &#146; S D I S C U S S I O N A N D A N A L Y S I S</FONT></B></P>
<P align="left">
<B><FONT size=4 face="sans-serif">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</FONT></B></P>
<P align="left">
<I><FONT size=2 face="sans-serif">February 8, 2007 For the three and nine-month periods ended December 31, 2006</FONT></I></P>
<P align="left">
<B><FONT size=4 face="sans-serif">1 THIRD QUARTER HIGHLIGHTS</FONT></B></P>
<P align="left">
<B><FONT face="sans-serif">FINANCIAL </FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">HIGHER THIRD QUARTER REVENUE OVER LAST QUARTER AND YEAR OVER YEAR</FONT></P>
<UL>
<LI>
<FONT size=2 face="sans-serif">Consolidated revenue was &#36;331.2 million this quarter, &#36;50.8 million higher than last quarter and</FONT> <FONT size=2 face="sans-serif">&#36;54.6 million higher than the same quarter last year.</FONT></LI>
<LI>
<FONT size=2 face="sans-serif">For the first nine months of fiscal 2007, consolidated revenue was &#36;913.4 million, &#36;90.5 million or</FONT> <FONT size=2 face="sans-serif">11% higher than the same period last year.</FONT></LI>
</UL>
<P align="left">
<FONT size=2 face="sans-serif">HIGHER YEAR OVER YEAR EARNINGS, NET EARNINGS AND EARNINGS PER SHARE</FONT></P>
<UL>
<LI>
<FONT size=2 face="sans-serif">Earnings from continuing operations were &#36;29.7 million (or &#36;0.12 per share) this quarter, compared</FONT> <FONT size=2 face="sans-serif">to &#36;31.3 million (or &#36;0.12 per share) last quarter, and &#36;17.3
million (or &#36;0.07 per share) in the third</FONT> <FONT size=2 face="sans-serif">quarter of last year.</FONT></LI>
<LI>
<FONT size=2 face="sans-serif">Excluding non-recurring items</FONT><SUP><FONT size=2 face="sans-serif">1</FONT></SUP><FONT size=2 face="sans-serif">, these numbers were &#36;32.0 million (or &#36;0.13 per share) this quarter,</FONT> <FONT size=2 face="sans-serif">&#36;31.2 million (or &#36;0.12 per share) last quarter and &#36;23.5 million (or &#36;0.09 per share) in the third</FONT> <FONT size=2 face="sans-serif">quarter of last year.</FONT></LI>
</UL>
<P align="left">
<FONT size=2 face="sans-serif">POSITIVE FREE CASH FLOW</FONT><SUP><FONT size=2 face="sans-serif">2 </FONT></SUP><FONT size=2 face="sans-serif">AT &#36;35.6 MILLION THIS QUARTER</FONT></P>
<UL>
<LI>
<FONT size=2 face="sans-serif">Net cash from continuing operations was &#36;78.7 million this quarter, compared to &#36;43.6 million last</FONT> <FONT size=2 face="sans-serif">quarter and &#36;90.8 million in the third quarter of last
year.</FONT></LI>
<LI>
<FONT size=2 face="sans-serif">Capital expenditures were &#36;42.7 million this quarter, compared to &#36;40.9 million last quarter and</FONT> <FONT size=2 face="sans-serif">&#36;45.6 million in the third quarter of last year.</FONT></LI>
</UL>
<P align="left">
<FONT size=2 face="sans-serif">CAPITAL EMPLOYED</FONT><SUP><FONT size=2 face="sans-serif">3 </FONT></SUP><FONT size=2 face="sans-serif">IS HIGHER</FONT></P>
<UL>
<LI>
<FONT size=2 face="sans-serif">Non-cash working capital decreased by &#36;46.2 million this quarter, ending at negative &#36;62.1 million.</FONT></LI>
<LI>
<FONT size=2 face="sans-serif">Capital employed increased by 6% this quarter, ending at &#36;980.6 million.</FONT></LI>
<LI>
<FONT size=2 face="sans-serif">Net debt decreased by &#36;12.0 million this quarter, ending at &#36;187.7 million.</FONT></LI>
</UL>
<P align="left">
<B><FONT face="sans-serif">ORDERS</FONT></B></P>
<UL>
<LI>
<FONT size=2 face="sans-serif">Total order intake was &#36;327.0 million, compared to &#36;421.1 million last quarter and &#36;265.6 million</FONT> <FONT size=2 face="sans-serif">in the third quarter of last year.</FONT></LI>
<LI>
<FONT size=2 face="sans-serif">Total backlog as at December 31, 2006 was &#36;2,712 million.</FONT></LI>
</UL>
<P align="left">
<B><I><FONT face="sans-serif">Civil segments</FONT></I></B></P>
<P align="left">
<FONT size=2 face="sans-serif">SIMULATION PRODUCTS/CIVIL WON ORDERS FOR 10 FULL-FLIGHT SIMULATORS (FFSs)</FONT></P>
<UL>
<LI>
<FONT size=2 face="sans-serif">One B777 FFS to Air Canada</FONT></LI>
<LI>
<FONT size=2 face="sans-serif">Two B777 FFSs to an undisclosed customer</FONT></LI>
</UL>
<P align="left">
<B><FONT size=1 face="sans-serif">NOTES</FONT></B><BR>
<SUP><FONT size=1 face="sans-serif">1 </FONT></SUP><FONT size=1 face="sans-serif">Non-GAAP measure (see Section 4).</FONT><BR>
<SUP><FONT size=1 face="sans-serif">2 </FONT></SUP><FONT size=1 face="sans-serif">Non-GAAP measure (see Section 6).</FONT><BR>
<SUP><FONT size=1 face="sans-serif">3 </FONT></SUP><FONT size=1 face="sans-serif">Non-GAAP measure (see Section 7).</FONT></P>
<P align="left">
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<P align=right><B><FONT face=sans-serif size=1>M A N A G E M E N T &#146; S D I S C U S S I O N A N D A N A L Y S I S</FONT></B></P>
<UL>
<LI><FONT face=sans-serif size=2>Two A320 FFSs to Flight Simulation Company (FSC)</FONT>
<LI><FONT face=sans-serif size=2>Two B737 FFSs to Flight Simulation Company (FSC)</FONT>
<LI><FONT face=sans-serif size=2>One A330/340 FFS to Jet Airways</FONT>
<LI><FONT face=sans-serif size=2>One B777 FFS to Jet Airways</FONT>
<LI><FONT face=sans-serif size=2>One A320 FFS to Shanghai Eastern Flight Training</FONT> </LI></UL>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>Total order intake this quarter was 10 FFSs. FedEx cancelled its order for two A380 FFSs this quarter, following the cancellation of its order for A380 aircrafts. SP/C&#146;s total order intake for the first nine months is 27. 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 face=sans-serif size=2>TRAINING &amp; SERVICES/CIVIL (TS/C) AWARDED OVER $95 MILLION IN CONTRACTS </FONT></P>
<UL>
<LI><FONT face=sans-serif size=2>Nearly $70 million in new business opportunities were announced or initiated at the National Business</FONT> <FONT face=sans-serif size=2>Aviation Association (NBAA) convention.</FONT>
<LI><FONT face=sans-serif size=2>Since the end of the quarter, we announced our plans to open CAE&#146;s first Indian flight training centre</FONT> <FONT face=sans-serif size=2>in Bangalore.</FONT> </LI></UL>
<P align=left><B><I><FONT face=sans-serif>Military segments</FONT></I></B></P>
<P align=left><FONT face=sans-serif size=2>SIMULATION PRODUCTS/MILITARY WON ORDERS FOR NEW TRAINING SYSTEMS AND UPGRADES</FONT></P>
<UL>
<LI><FONT face=sans-serif size=2>One P-3C Operational Tactics Trainer (OTT) for the German Navy</FONT>
<LI><FONT face=sans-serif size=2>One UH-145 cockpit procedural trainer (CPT) for the United States Army</FONT>
<LI><FONT face=sans-serif size=2>Design and development of an upgrade for the British Army&#146;s Warrior Operational Platform Vehicle (OPV)</FONT>
<LI><FONT face=sans-serif size=2>Design and development of various upgrades for the German Air Force&#146;s Tornado simulators.</FONT> </LI></UL>
<P align=left><FONT face=sans-serif size=2>TRAINING &amp; SERVICES/MILITARY AWARDED SIGNIFICANT CONTRACTS</FONT></P>
<UL>
<LI><FONT face=sans-serif size=2>Training and maintenance support services for the United States Air Force C-130J, C-130E/H,</FONT> <FONT face=sans-serif size=2>and Predator Remote Operated Aircraft (ROA) programs</FONT>
<LI><FONT face=sans-serif size=2>Renewal of a yearly maintenance service contract for various German bases</FONT>
<LI><FONT face=sans-serif size=2>Engineering development services to support a range of new homeland security initiatives across Canada.</FONT> </LI></UL>
<P align=left><B><FONT face=sans-serif>OPERATIONS</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>RESTRUCTURING ACTIVITIES</FONT></P>
<UL>
<LI><FONT face=sans-serif size=2>Relocation of eight FFSs in Madrid, Dallas and Morristown, NJ, leaving two FFSs to be relocated to our</FONT> <FONT face=sans-serif size=2>new North East Training Centre in 2007. A total of 28 FFSs (nearly one-third of the installed base) will</FONT> <FONT face=sans-serif size=2>have been moved as part of the restructuring plan. We expect some disruption as relocated simulators</FONT> <FONT face=sans-serif size=2>ramp back up to capacity.</FONT>
<LI><FONT face=sans-serif size=2>On track with the consolidation of our operations and the expansion of our Madrid facility, which we</FONT> <FONT face=sans-serif size=2>expect to be completed by the end of fiscal 2007.</FONT> </LI></UL>
<P align=left><B><FONT face=sans-serif>ACQUISITION AND JOINT VENTURE</FONT></B></P>
<UL>
<LI><FONT face=sans-serif size=2>Acquired KESEM International Pty Ltd., an Australian simulation and modelling company, on</FONT> <FONT face=sans-serif size=2>December 22, 2006</FONT>
<LI><FONT face=sans-serif size=2>Formalized Emirates-CAE Flight Training Center (ECFT) into a joint venture company.</FONT> </LI></UL>
<P align=left><B><FONT face=sans-serif>OTHER</FONT></B></P>
<UL>
<LI><FONT face=sans-serif size=2>Stock-based compensation expense affected by a recent change in accounting standards (EIC-162)</FONT> <FONT face=sans-serif size=2>with retroactive restatement of comparative prior periods. This change was required for all companies</FONT> <FONT face=sans-serif size=2>under Canadian generally accepted accounting principles (GAAP) for interim financial statements</FONT> <FONT face=sans-serif size=2>ending on or after December 31, 2006.</FONT> </LI></UL>
<P align=right><B><FONT face=sans-serif size=1>C A E 2 0 0 7 Q 3 R E P O R T __ 5</FONT></B></P>
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<B><FONT size=1 face="sans-serif">M A N A G E M E N T &#146; S D I S C U S S I O N A N D A N A L Y S I S</FONT></B></P>
<P align="left">
<B><FONT size=4 face="sans-serif">2 INTRODUCTION</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">In this report, </FONT><I><FONT size=2 face="sans-serif">we, us, our, CAE </FONT></I><FONT size=2 face="sans-serif">and </FONT><I><FONT size=2 face="sans-serif">company </FONT></I><FONT size=2 face="sans-serif">refer
to CAE Inc. and its subsidiaries. Unless we have indicated otherwise:</FONT></P>
<UL>
<LI>
<I><FONT size=2 face="sans-serif">This year </FONT></I><FONT size=2 face="sans-serif">and </FONT><I><FONT size=2 face="sans-serif">2007 </FONT></I><FONT size=2 face="sans-serif">mean the fiscal year ending March 31, 2007</FONT></LI>
<LI>
<I><FONT size=2 face="sans-serif">Last year, prior year </FONT></I><FONT size=2 face="sans-serif">and </FONT><I><FONT size=2 face="sans-serif">a year ago </FONT></I><FONT size=2 face="sans-serif">mean the fiscal year ended March 31, 2006</FONT></LI>
<LI>
<FONT size=2 face="sans-serif">Dollar amounts are in Canadian dollars.</FONT><BR>
<FONT size=2 face="sans-serif">This report was prepared as of February 8, 2007, and includes our management&#146;s discussion and</FONT></LI>
</UL>
<P align="left">
<FONT size=2 face="sans-serif">analysis (MD&amp;A), financial statements and notes for the third quarter ended December 31, 2006. We have written it to help you understand our business, performance and financial condition in the third quarter of
fiscal 2007. All financial information has been reported according to Canadian generally accepted accounting principles (GAAP).</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">For additional information, please refer to our financial statements for the quarter ended December 31, 2006, and our annual consolidated financial statements, which you will find in our
annual report for the year ended March 31, 2006. The MD&amp;A section of our 2006 annual report also contains more information about:</FONT></P>
<UL>
<LI>
<FONT size=2 face="sans-serif">Our strategy and key strengths</FONT></LI>
<LI>
<FONT size=2 face="sans-serif">Business risks and uncertainties</FONT></LI>
<LI>
<FONT size=2 face="sans-serif">Foreign exchange</FONT></LI>
<LI>
<FONT size=2 face="sans-serif">Non-GAAP and other financial measures</FONT></LI>
<LI>
<FONT size=2 face="sans-serif">Acquisitions, business combinations and divestitures</FONT></LI>
<LI>
<FONT size=2 face="sans-serif">Systems, procedures and controls</FONT></LI>
<LI>
<FONT size=2 face="sans-serif">The oversight role of the audit committee and board of directors.</FONT><BR>
<FONT size=2 face="sans-serif">You will find our most recent annual report and annual information form (AIF) on our website at</FONT></LI>
</UL>
<P align="left">
<FONT size=2 face="sans-serif">www.cae.com, on SEDAR at www.sedar.com or on EDGAR at www.sec.gov.</FONT></P>
<P align="left">
<B><FONT face="sans-serif">ABOUT MATERIAL INFORMATION</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">This report includes the information we believe is material to investors after considering all circumstances, including potential market sensitivity. We consider something to be material if: </FONT></P>
<UL>
<LI>
<FONT size=2 face="sans-serif">It results in, or would reasonably be expected to result in, a significant change in the market price or</FONT> <FONT size=2 face="sans-serif">value of our shares, or</FONT></LI>
<LI>
<FONT size=2 face="sans-serif">It is quite likely that a reasonable investor would consider the information to be important in making</FONT> <FONT size=2 face="sans-serif">an investment decision.</FONT></LI>
</UL>
<P align="left">
<B><FONT face="sans-serif">ABOUT FORWARD-LOOKING STATEMENTS</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">This report includes forward-looking statements about our markets, future financial performance, business strategy, plans, goals and objectives. Forward-looking statements normally contain words like </FONT><I><FONT size=2 face="sans-serif">believe, expect, anticipate, intend, continue, estimate, may, will, should </FONT></I><FONT size=2 face="sans-serif">and similar expressions.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">We have based these statements on estimates and assumptions that we believed were reasonable when the statements were prepared. Our actual results could be substantially different because
of the risks and uncertainties associated with our business, or because of events that are announced or completed after the date of this report, including mergers, acquisitions, other business combinations and divestitures. You will find more
information about the risks and uncertainties associated with our business in our 2006 annual report.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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=1 face="sans-serif">6 __ C A E 2 0 0 7 Q 3 R E P O R T</FONT></B></P>

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<P align=right><B><FONT face=sans-serif size=1>M A N A G E M E N T &#146; S D I S C U S S I O N A N D A N A L Y S I S</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR>
     <TD vAlign=top noWrap><B><FONT face=sans-serif size=4>3</FONT></B>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><B><FONT face=sans-serif size=4>ABOUT CAE</FONT></B> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><B><FONT face=sans-serif>3.1</FONT></B>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><B><FONT face=sans-serif>WHO WE ARE</FONT></B> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR></TABLE>
<P align=left><FONT face=sans-serif size=2>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.</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>We design, manufacture and supply simulation equipment and provide 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>Our full-flight simulators (FFSs) replicate aircraft performance in a full array of situations and environmental conditions. Sophisticated visual systems simulate hundreds of airports around the world, as well as a wide range of landing areas and flying environments. These work with motion and sound to create a realistic training environment for pilots and crews at all levels. </FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>Founded in 1947 and headquartered in Montreal, CAE has built an excellent reputation and long-standing customer relationships based on 60 years of experience, strong technical capabilities, a highly trained workforce and global reach. Approximately 5,000 employees work in manufacturing operations and training facilities in 19 countries around the world. Approximately 90% of CAE&#146;s annual revenues come from worldwide exports and international activities. </FONT></P>
<P align=left><FONT face=sans-serif size=2>CAE&#146;s common shares are listed on the following exchanges:</FONT></P>
<UL>
<LI><FONT face=sans-serif size=2>Toronto Stock Exchange, under the symbol </FONT><I><FONT face=sans-serif size=2>CAE</FONT></I><FONT face=sans-serif size=2>.</FONT>
<LI><FONT face=sans-serif size=2>New York Stock Exchange, under the symbol </FONT><I><FONT face=sans-serif size=2>CGT</FONT></I><FONT face=sans-serif size=2>.</FONT><BR>
<FONT face=sans-serif size=2>CAE declares that all dividends paid in the calendar year 2006 to its shareholders were eligible</FONT> </LI></UL>
<P align=left><FONT face=sans-serif size=2>dividends for the purpose of the Federal Income Tax Act and its provincial equivalents.</FONT></P>
<P align=left><B><FONT face=sans-serif>3.2 OUR OPERATIONS</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>CAE serves two markets globally:</FONT></P>
<UL>
<LI><FONT face=sans-serif size=2>The civil market includes aircraft manufacturers, major commercial airlines, regional airlines, business</FONT> <FONT face=sans-serif size=2>aircraft operators, helicopter operators, training centres and pilot provisioning.</FONT>
<LI><FONT face=sans-serif size=2>The military market includes the defence forces worldwide.</FONT><BR>
<FONT face=sans-serif size=2>We manage our operations and report our results in four segments, one for products and one for services,</FONT> </LI></UL>
<P align=left><FONT face=sans-serif size=2>for each market. Each segment is a significant contributor to our overall results.</FONT></P>
<P align=left><B><FONT face=sans-serif>CIVIL MARKET</FONT></B><BR>
<FONT face=sans-serif size=2>SIMULATION PRODUCTS/CIVIL (SP/C)</FONT></P>
<P align=left><I><FONT face=sans-serif size=2>Designs, manufactures and supplies civil flight simulation training devices and visual systems</FONT></I></P>
<P align=left><FONT face=sans-serif size=2>Our SP/C segment is the world leader in civil flight simulation. We design and manufacture more civil FFSs and visual systems for major and regional carriers and business jet operators than any other company. We have a wealth of experience in developing prototype simulators for new types of aircraft. We also offer a full range of support services including sales of spare parts, simulator updates and relocations.</FONT></P>
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<B><FONT size=1 face="sans-serif">M A N A G E M E N T &#146; S D I S C U S S I O N A N D A N A L Y S I S</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">TRAINING &amp; SERVICES/CIVIL (TS/C)</FONT></P>
<P align="left">
<I><FONT size=2 face="sans-serif">Provides business and commercial aviation training for all flight and ground personnel and all associated services</FONT></I></P>
<P align="left">
<FONT size=2 face="sans-serif">Our TS/C segment is the second largest provider of civil aviation training services in the world, and serves all sectors of the market including general aviation, regional airlines, commercial airlines and business
aviation. We also offer a full range of support services, such as training centre management, simulator maintenance services, spare parts and inventory management, curriculum development and consulting services. We have achieved our leading position
through acquisitions, joint ventures and by building new facilities. We currently have 110 FFSs installed in 23 training centres around the world. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">MARKET TRENDS AND OUTLOOK</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">We continue to have a positive outlook for the civil market because of the following trends:</FONT></P>
<UL>
<LI>
<FONT size=2 face="sans-serif">Positive economic indicators</FONT></LI>
<LI>
<FONT size=2 face="sans-serif">Continued growth in revenue per passenger kilometre</FONT></LI>
<LI>
<FONT size=2 face="sans-serif">Strong aircraft orders and new platforms</FONT></LI>
<LI>
<FONT size=2 face="sans-serif">Growing demand for trained pilots.</FONT></LI>
</UL>
<P align="left">
<B><I><FONT face="sans-serif">Positive economic indicators</FONT></I></B></P>
<P align="left">
<I><FONT size=2 face="sans-serif">GDP and growth in corporate profits driving business aviation market </FONT></I></P>
<P align="left">
<FONT size=2 face="sans-serif">Business aviation is experiencing a strong and growing training market because fleets are active, projections for business jet deliveries are high and new operators are entering the market. We expect the development of
the Very Light Jet (VLJ) and Light Jet (LJ) segments to lead to opportunities for training and other services in the future. </FONT></P>
<P align="left">
<I><FONT size=2 face="sans-serif">New and emerging markets </FONT></I></P>
<P align="left">
<FONT size=2 face="sans-serif">Emerging markets such as Asia-Pacific, the Indian sub-continent and the Middle East continue to experience high growth in air traffic, strong economic growth and an increasing liberalization of air policy and bilateral
air agreements. We expect these markets to drive the demand for FFSs and training centres.</FONT></P>
<P align="left">
<B><I><FONT face="sans-serif">Continued growth in revenue per passenger kilometre </FONT></I></B></P>
<P align="left">
<I><FONT size=2 face="sans-serif">Steady growth in air travel</FONT></I></P>
<P align="left">
<FONT size=2 face="sans-serif">We anticipate the modest, steady growth in passenger traffic that started in late calendar 2005 to continue over the next three years. We expect this to be slightly above the average annual growth from 1995 to 2005 of
5.2% . This is barring any major developments such as excessive fuel prices, regional political instability, acts of terrorism or other world events. </FONT></P>
<P align="left">
<I><FONT size=2 face="sans-serif">Continued growth of low-cost airlines</FONT></I></P>
<P align="left">
<FONT size=2 face="sans-serif">The continued growth of low-cost airlines is also a major factor driving activity in the civil aviation market, and the demand for simulator products. In 2005, the top 25 low-cost carriers grew 23% in revenue per
passenger kilometre. In the last six months, CAE clients such as Air Asia, easyJet and Ryanair have announced plans to significantly expand their routes and fleets.</FONT></P>
<P align="left">
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<P align=left><I><FONT face=sans-serif size=2>Slower activity in mature markets</FONT></I></P>
<P align=left><FONT face=sans-serif size=2>High fuel costs and intense domestic competition are affecting the performance of many commercial airlines in mature markets like North America and Europe. While capital spending may be limited, some airlines are expected to replace their fleets sooner with more fuel-efficient aircraft to manage operating costs and be more competitive.</FONT></P>
<P align=left><B><I><FONT face=sans-serif>Strong aircraft orders and new platforms</FONT></I></B></P>
<P align=left><I><FONT face=sans-serif size=2>New aircraft platforms</FONT></I></P>
<P align=left><FONT face=sans-serif size=2>Original equipment manufacturers are introducing new platforms, which will drive worldwide demand for simulators and training. The Boeing 787, Embraer 190, Embraer Phenom and the Eclipse VLJ are some recent examples.</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>New platforms will drive the demand for new kinds of simulators. One of our strategic priorities is to partner with manufacturers to strengthen relationships and position ourselves for future opportunities. </FONT></P>
<P align=left><I><FONT face=sans-serif size=2>New aircraft orders </FONT></I></P>
<P align=left><FONT face=sans-serif size=2>For calendar year 2006, Boeing received a total of 1,044 orders for new aircraft and Airbus received 824 orders. Their strong delivery forecast is expected to help generate opportunities for CAE&#146;s full portfolio of training products and services. It is important to note that deliveries of new model aircrafts are susceptible to delays of program launches, which may impact CAE&#146;s deliveries.</FONT></P>
<P align=left><B><I><FONT face=sans-serif>Growing demand for trained pilots</FONT></I></B></P>
<P align=left><I><FONT face=sans-serif size=2>Worldwide demand is increasing</FONT></I></P>
<P align=left><FONT face=sans-serif size=2>Growth in the civil aviation market is continuing to drive the demand for pilots worldwide, which is creating a shortage of qualified pilots. The shortage is even more pronounced because of aging demographics and fewer military pilots available for service. Emerging markets like India and China are experiencing this even more severely, because air traffic is growing more quickly there than in developed countries, and there is less infrastructure to meet the current and projected demand for pilots.</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>This creates opportunities for pilot provisioning, our turnkey service that includes recruiting, screening, selection and training. It is also prompting us to seek out partners to develop a global pipeline for developing and supplying pilots to meet market demand. On July 19, 2006, we launched CAE Global Academy, a new training alliance designed to address the global shortage of pilots. To date we have signed agreements with three Flight Training Organizations (FTOs) and anticipate adding new FTO members to the CAE Global Academy in 2007.</FONT></P>
<P align=left><I><FONT face=sans-serif size=2>New pilot certification process requires simulation-based training</FONT></I></P>
<P align=left><FONT face=sans-serif size=2>The aviation industry is expected to adopt another certification process for training pilots in 2007. The International Civil Aviation Organization (ICAO) multi-crew pilot licence (MPL) requires more simulation-based training, which we expect to be positive for our business. </FONT></P>
<P align=right><B><FONT face=sans-serif size=1>C A E 2 0 0 7 Q 3 R E P O R T __ 9</FONT></B></P>
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<B><FONT size=1 face="sans-serif">M A N A G E M E N T &#146; S D I S C U S S I O N A N D A N A L Y S I S</FONT></B></P>
<P align="left">
<B><FONT face="sans-serif">MILITARY MARKET</FONT></B><BR>
<FONT size=2 face="sans-serif">SIMULATION PRODUCTS/MILITARY (SP/M)</FONT></P>
<P align="left">
<I><FONT size=2 face="sans-serif">Designs, manufactures and supplies advanced military training equipment for air forces, armies and navies</FONT></I></P>
<P align="left">
<FONT size=2 face="sans-serif">Our SP/M segment is a world leader in the design and production of military flight simulation equipment. We develop simulation equipment and training systems for a variety of military aircraft, including fighter jets,
helicopters and maritime patrol and transport aircraft. We have designed the broadest range of military helicopter simulators in the world. Our military simulators provide high-fidelity combat environments that include interactive enemy and friendly
forces, as well as weapons and military sensors. We have delivered simulation products and training systems to the military forces of more than 35 countries, including all of the US services. We have also developed more training systems for the
C-130 Hercules than any other company.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">TRAINING &amp; SERVICES/MILITARY (TS/M)</FONT></P>
<P align="left">
<I><FONT size=2 face="sans-serif">Supplies turnkey training and operations solutions, support services, systems maintenance and modelling and simulation solutions</FONT></I></P>
<P align="left">
<FONT size=2 face="sans-serif">Our TS/M segment provides contractor logistics support, maintenance services and simulator training at over 60 sites around the world. It also provides a variety of modelling and simulation-based services.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">MARKET TRENDS AND OUTLOOK</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">While we expect defence budgets around the world to continue to grow modestly by 2 to 3% a year, we believe that our share of that spending will increase for the following reasons:</FONT></P>
<UL>
<LI>
<FONT size=2 face="sans-serif">Demand for products and services is growing</FONT></LI>
<LI>
<FONT size=2 face="sans-serif">The nature of warfare is changing.</FONT></LI>
</UL>
<P align="left">
<B><I><FONT face="sans-serif">Demand for products and services is growing</FONT></I></B></P>
<P align="left">
<I><FONT size=2 face="sans-serif">New aircraft platforms</FONT></I></P>
<P align="left">
<FONT size=2 face="sans-serif">One of our strategic priorities is to partner with manufacturers in the military market to strengthen relationships and position ourselves for future opportunities. Original equipment manufacturers are introducing new
platforms that will drive worldwide demand for simulators and training. For example, NH Industries launched the NH90 helicopter, AgustaWestland introduced the AW139 and EADS CASA introduced the C-295, all of which fuel the demand for new types of
simulators. </FONT></P>
<P align="left">
<I><FONT size=2 face="sans-serif">Trend towards outsourcing</FONT></I></P>
<P align="left">
<FONT size=2 face="sans-serif">With finite defence budgets and resources, defence forces and governments continue to scrutinize expenditures to find ways to save money and allow active-duty personnel to focus on operational requirements. There has
been a growing trend among defence forces to outsource a variety of training services and we expect this trend to continue. Governments are outsourcing training services because they can be delivered more quickly and more
cost-effectively.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">For example, in the fourth quarter of fiscal 2006 we were awarded a contract from prime contractor EADS CASA and the Commonwealth of Australia to develop a turnkey training capability and
five years of support services for the Royal Australian Air Force's (RAAF) new A330 Multi-Role Tanker Transport (MRTT) aircraft.</FONT></P>
<P align="left">
<I><FONT size=2 face="sans-serif">Greater use of simulation</FONT></I></P>
<P align="left">
<FONT size=2 face="sans-serif">More defence forces and governments are adopting simulation in training programs because it improves realism, significantly lowers costs, reduces operational demands on aircraft, and lowers risk compared to operating
actual weapon systems platforms. Using a simulator for training also reduces actual aircraft flying hours and allows training for situations where an actual aircraft and/or its crew and passengers would be at risk. </FONT></P>
<P align="left">
<B><FONT size=1 face="sans-serif">1 0 __ C A E 2 0 0 7 Q 3 R E P O R T</FONT></B></P>

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<P align=right><B><FONT face=sans-serif size=1>M A N A G E M E N T &#146; S D I S C U S S I O N A N D A N A L Y S I S</FONT></B></P>
<P align=left><I><FONT face=sans-serif size=2>Extension and upgrade of existing weapon systems platforms</FONT></I></P>
<P align=left><FONT face=sans-serif size=2>Original equipment manufacturers are extending the life of existing weapon systems platforms by introducing upgrades or adding new features, which increases the demand to upgrade simulators to meet the new standards. A recent example is the contract we won from Boeing for the United States Air Force C-130 Avionics Modernization Program, which was awarded in the second quarter of fiscal 2007. </FONT></P>
<P align=left><B><I><FONT face=sans-serif>The nature of warfare is changing</FONT></I></B></P>
<P align=left><I><FONT face=sans-serif size=2>Demand for networking</FONT></I></P>
<P align=left><FONT face=sans-serif size=2>The nature of warfare is changing. Allies are co-operating and creating joint and coalition forces, which is driving a demand for joint and networked training and operations. For example, during fiscal 2007, we received a contract to upgrade USAF C-130J simulators to provide additional networking capabilities.</FONT></P>
<P align=left><I><FONT face=sans-serif size=2>Growing acceptance of synthetic training</FONT></I></P>
<P align=left><FONT face=sans-serif size=2>There is a growing trend among defence forces to use synthetic training to meet more of their training requirements. Synthetic environment software allows defence clients to plan sophisticated missions and carry out full mission rehearsals as a complement to traditional live training or mission preparation. Synthetic training offers militaries a cost-effective way to provide realistic training for a wide variety of scenarios while ensuring they maintain a high state of readiness. For example, we are currently fulfilling a contract with the United States Army to deliver a Synthetic Environment Core (SE-Core) Database Virtual Environment Development (DVED).</FONT></P>
<P align=left><B><FONT face=sans-serif>3.3 OUR VISION</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>Our vision is to be the world leader in simulation and modelling technologies and integrated training services for the civil aviation industry and defence forces around the world. </FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>We are ranked number one or two in most of our core businesses, but competition is intense and maintaining our technological leadership and cost effectiveness are key to continued success. We have been successful at changing the way we do business, strengthening our financial position and building a solid foundation for creating shareholder value in the future. </FONT></P>
<P align=left><FONT face=sans-serif size=2>Our focus continues to be to position CAE for growth and to move ahead in achieving our vision. To do this, we have set six objectives for 2007:</FONT></P>
<UL>
<LI><FONT face=sans-serif size=2>Complete the remaining elements of our restructuring plan</FONT>
<LI><FONT face=sans-serif size=2>Continue to strengthen relationships with customers and original equipment manufacturers</FONT>
<LI><FONT face=sans-serif size=2>Continue to improve our financial performance</FONT>
<LI><FONT face=sans-serif size=2>Continue to re-engage our employees around the world</FONT>
<LI><FONT face=sans-serif size=2>Maintain our technological leadership</FONT>
<LI><FONT face=sans-serif size=2>Target growth in our core markets.</FONT> </LI></UL>
<P align=left><B><I><FONT face=sans-serif>Innovation for the future</FONT></I></B></P>
<P align=left><FONT face=sans-serif size=2>Innovation has been at the heart of our business and our success over many years, and is key to helping chart our future. </FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>A core group of people are exploring different opportunities to build on our key strengths and tap new, emerging and adjacent markets to invest in this year.</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>Opportunities that build on our technology, leverage customer intimacy and capitalize on our knowledge of training and the development of course curriculum are the main focus. </FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>We are also exploring other areas such as medical simulation, transportation and others, where our existing capabilities can help other markets mitigate risks, guide decision-making and create operational efficiencies.</FONT></P>
<P align=right><B><FONT face=sans-serif size=1>C A E 2 0 0 7 Q 3 R E P O R T __ 1 1</FONT></B></P>
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<A name="page_14"></A>

<P align="left">
<B><FONT size=1 face="sans-serif">M A N A G E M E N T &#146; S D I S C U S S I O N A N D A N A L Y S I S</FONT></B></P>
<P align="left">
<B><FONT size=4 face="sans-serif">4 CONSOLIDATED RESULTS</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">Note that 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">
<FONT size=2 face="sans-serif">You will find more details in </FONT><I><FONT size=2 face="sans-serif">Change in accounting standards</FONT></I><FONT size=2 face="sans-serif">.</FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=44% colspan=3>
<B><FONT face="sans-serif">4.1 RESULTS OF OUR OPERATIONS</FONT></B>&nbsp;
	</TD>
	<TD align=left width=12%>

	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=left width=12%>

	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=left width=11%>

	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=left width=8%>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=33%>
<B><FONT size=1 face="sans-serif">SUMMARY OF CONSOLIDATED RESULTS</FONT></B>&nbsp;
	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=left width=9%>
&nbsp;
	</TD>
	<TD align=left width=12%>

	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=left width=12%>

	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=left width=11%>

	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=left width=8%>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=10>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=33%>
<I><FONT size=1 face="sans-serif">(amounts in millions, except per share amounts)</FONT></I>&nbsp;
	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=right width=9%>
<B><FONT size=1 face="sans-serif">Q3-2007</FONT></B>&nbsp;
	</TD>
	<TD align=right width=12%>
<FONT size=1 face="sans-serif">Q2-2007</FONT>
	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=right width=12%>
<FONT size=1 face="sans-serif">Q1-2007</FONT>
	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=1 face="sans-serif">Q4-2006</FONT>
	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=right width=8%>
<FONT size=1 face="sans-serif">Q3-2006</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=10>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=33%>
<FONT size=1 face="sans-serif">Revenue</FONT>&nbsp;
	</TD>
	<TD align=left width=2%>
<B><FONT size=1 face="sans-serif">&#36;</FONT></B>&nbsp;
	</TD>
	<TD align=right width=9%>
<B><FONT size=1 face="sans-serif">331.2</FONT></B>&nbsp;
	</TD>
	<TD align=right width=12%>
<FONT size=1 face="sans-serif">280.4</FONT>
	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=right width=12%>
<FONT size=1 face="sans-serif">301.8</FONT>
	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=1 face="sans-serif">284.3</FONT>
	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=right width=8%>
<FONT size=1 face="sans-serif">276.6</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=33%>
<FONT size=1 face="sans-serif">Earnings before interest and income taxes (EBIT)</FONT>&nbsp;
	</TD>
	<TD align=left width=2%>
<B><FONT size=1 face="sans-serif">&#36;</FONT></B>&nbsp;
	</TD>
	<TD align=right width=9%>
<B><FONT size=1 face="sans-serif">44.2</FONT></B>&nbsp;
	</TD>
	<TD align=right width=12%>
<FONT size=1 face="sans-serif">44.8</FONT>
	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=right width=12%>
<FONT size=1 face="sans-serif">47.1</FONT>
	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=1 face="sans-serif">9.1</FONT>
	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=right width=8%>
<FONT size=1 face="sans-serif">32.3</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=33%>
<I><FONT size=1 face="sans-serif">As a % of revenue</FONT></I>&nbsp;
	</TD>
	<TD align=left width=2%>
<B><I><FONT size=1 face="sans-serif">%</FONT></I></B>&nbsp;
	</TD>
	<TD align=right width=9%>
<B><I><FONT size=1 face="sans-serif">13.3</FONT></I></B>&nbsp;
	</TD>
	<TD align=right width=12%>
<I><FONT size=1 face="sans-serif">16.0</FONT></I>
	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=right width=12%>
<I><FONT size=1 face="sans-serif">15.6</FONT></I>
	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=right width=11%>
<I><FONT size=1 face="sans-serif">3.2</FONT></I>
	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=right width=8%>
<I><FONT size=1 face="sans-serif">11.7</FONT></I>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=33%>
<FONT size=1 face="sans-serif">Interest expense, net</FONT>&nbsp;
	</TD>
	<TD align=left width=2%>
<B><FONT size=1 face="sans-serif">&#36;</FONT></B>&nbsp;
	</TD>
	<TD align=right width=9%>
<B><FONT size=1 face="sans-serif">2.9</FONT></B>&nbsp;
	</TD>
	<TD align=right width=12%>
<FONT size=1 face="sans-serif">1.2</FONT>
	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=right width=12%>
<FONT size=1 face="sans-serif">3.0</FONT>
	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=1 face="sans-serif">0.9</FONT>
	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=right width=8%>
<FONT size=1 face="sans-serif">6.1</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=10>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=33%>
<FONT size=1 face="sans-serif">Earnings from continuing operations (before taxes)</FONT>&nbsp;
	</TD>
	<TD align=left width=2%>
<B><FONT size=1 face="sans-serif">&#36;</FONT></B>&nbsp;
	</TD>
	<TD align=right width=9%>
<B><FONT size=1 face="sans-serif">41.3</FONT></B>&nbsp;
	</TD>
	<TD align=right width=12%>
<FONT size=1 face="sans-serif">43.6</FONT>
	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=right width=12%>
<FONT size=1 face="sans-serif">44.1</FONT>
	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=1 face="sans-serif">8.2</FONT>
	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=right width=8%>
<FONT size=1 face="sans-serif">26.2</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=33%>
<FONT size=1 face="sans-serif">Income tax expense (recovery)</FONT>&nbsp;
	</TD>
	<TD align=left width=2%>
<B><FONT size=1 face="sans-serif">&#36;</FONT></B>&nbsp;
	</TD>
	<TD align=right width=9%>
<B><FONT size=1 face="sans-serif">11.6</FONT></B>&nbsp;
	</TD>
	<TD align=right width=12%>
<FONT size=1 face="sans-serif">12.3</FONT>
	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=right width=12%>
<FONT size=1 face="sans-serif">11.1</FONT>
	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=1 face="sans-serif">(6.4</FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
	</TD>
	<TD align=right width=8%>
<FONT size=1 face="sans-serif">8.9</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=10>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=33%>
<FONT size=1 face="sans-serif">Earnings from continuing operations</FONT>&nbsp;
	</TD>
	<TD align=left width=2%>
<B><FONT size=1 face="sans-serif">&#36;</FONT></B>&nbsp;
	</TD>
	<TD align=right width=9%>
<B><FONT size=1 face="sans-serif">29.7</FONT></B>&nbsp;
	</TD>
	<TD align=right width=12%>
<FONT size=1 face="sans-serif">31.3</FONT>
	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=right width=12%>
<FONT size=1 face="sans-serif">33.0</FONT>
	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=1 face="sans-serif">14.6</FONT>
	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=right width=8%>
<FONT size=1 face="sans-serif">17.3</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=33%>
<FONT size=1 face="sans-serif">Results from discontinued operations</FONT>&nbsp;
	</TD>
	<TD align=left width=2%>
<B><FONT size=1 face="sans-serif">&#36;</FONT></B>&nbsp;
	</TD>
	<TD align=right width=9%>
<B><FONT size=1 face="sans-serif">&#150;</FONT></B>&nbsp;
	</TD>
	<TD align=right width=12%>
<FONT size=1 face="sans-serif">(0.3</FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
	</TD>
	<TD align=right width=12%>
<FONT size=1 face="sans-serif">(0.6</FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=1 face="sans-serif">(5.4</FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
	</TD>
	<TD align=right width=8%>
<FONT size=1 face="sans-serif">0.1</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=10>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=33%>
<FONT size=1 face="sans-serif">Net earnings</FONT>&nbsp;
	</TD>
	<TD align=left width=2%>
<B><FONT size=1 face="sans-serif">&#36;</FONT></B>&nbsp;
	</TD>
	<TD align=right width=9%>
<B><FONT size=1 face="sans-serif">29.7</FONT></B>&nbsp;
	</TD>
	<TD align=right width=12%>
<FONT size=1 face="sans-serif">31.0</FONT>
	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=right width=12%>
<FONT size=1 face="sans-serif">32.4</FONT>
	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=1 face="sans-serif">9.2</FONT>
	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=right width=8%>
<FONT size=1 face="sans-serif">17.4</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=33%>
<FONT size=1 face="sans-serif">Basic and diluted EPS from continuing operations</FONT>&nbsp;
	</TD>
	<TD align=left width=2%>
<B><FONT size=1 face="sans-serif">&#36;</FONT></B>&nbsp;
	</TD>
	<TD align=right width=9%>
<B><FONT size=1 face="sans-serif">0.12</FONT></B>&nbsp;
	</TD>
	<TD align=right width=12%>
<FONT size=1 face="sans-serif">0.12</FONT>
	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=right width=12%>
<FONT size=1 face="sans-serif">0.13</FONT>
	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=1 face="sans-serif">0.06</FONT>
	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=right width=8%>
<FONT size=1 face="sans-serif">0.07</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=33%>
<FONT size=1 face="sans-serif">Basic and diluted EPS</FONT>&nbsp;
	</TD>
	<TD align=left width=2%>
<B><FONT size=1 face="sans-serif">&#36;</FONT></B>&nbsp;
	</TD>
	<TD align=right width=9%>
<B><FONT size=1 face="sans-serif">0.12</FONT></B>&nbsp;
	</TD>
	<TD align=right width=12%>
<FONT size=1 face="sans-serif">0.12</FONT>
	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=right width=12%>
<FONT size=1 face="sans-serif">0.13</FONT>
	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=1 face="sans-serif">0.04</FONT>
	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=right width=8%>
<FONT size=1 face="sans-serif">0.07</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=10>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=70% colspan=6>
<FONT size=1 face="sans-serif">Comparable periods have been restated to reflect a change in the stock-based compensation expense (EIC-162).</FONT>
	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=left width=11%>

	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=left width=8%>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=44% colspan=3>
<B><FONT size=1 face="sans-serif">SUMMARY OF RESULTS EXCLUDING NON-RECURRING ITEMS</FONT></B>&nbsp;
	</TD>
	<TD align=left width=12%>

	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=left width=12%>

	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=left width=11%>

	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=left width=8%>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=10>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=33%>
<I><FONT size=1 face="sans-serif">(amounts in millions, except per share amounts)</FONT></I>&nbsp;
	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=right width=9%>
<B><FONT size=1 face="sans-serif">Q3-2007</FONT></B>&nbsp;
	</TD>
	<TD align=right width=12%>
<FONT size=1 face="sans-serif">Q2-2007</FONT>
	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=right width=12%>
<FONT size=1 face="sans-serif">Q1-2007</FONT>
	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=1 face="sans-serif">Q4-2006</FONT>
	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=right width=8%>
<FONT size=1 face="sans-serif">Q3-2006</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=10>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=33%>
<FONT size=1 face="sans-serif">Earnings from continuing operations (before taxes)</FONT>&nbsp;
	</TD>
	<TD align=left width=2%>
<B><FONT size=1 face="sans-serif">&#36;</FONT></B>&nbsp;
	</TD>
	<TD align=right width=9%>
<B><FONT size=1 face="sans-serif">44.1</FONT></B>&nbsp;
	</TD>
	<TD align=right width=12%>
<FONT size=1 face="sans-serif">43.9</FONT>
	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=right width=12%>
<FONT size=1 face="sans-serif">44.4</FONT>
	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=1 face="sans-serif">31.7</FONT>
	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=right width=8%>
<FONT size=1 face="sans-serif">33.9</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=33%>
<FONT size=1 face="sans-serif">Net earnings from continuing operations</FONT>&nbsp;
	</TD>
	<TD align=left width=2%>
<B><FONT size=1 face="sans-serif">&#36;</FONT></B>&nbsp;
	</TD>
	<TD align=right width=9%>
<B><FONT size=1 face="sans-serif">32.0</FONT></B>&nbsp;
	</TD>
	<TD align=right width=12%>
<FONT size=1 face="sans-serif">31.2</FONT>
	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=right width=12%>
<FONT size=1 face="sans-serif">31.0</FONT>
	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=1 face="sans-serif">23.0</FONT>
	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=right width=8%>
<FONT size=1 face="sans-serif">23.5</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=33%>
<FONT size=1 face="sans-serif">Basic and diluted EPS from continuing operations</FONT>&nbsp;
	</TD>
	<TD align=left width=2%>
<B><FONT size=1 face="sans-serif">&#36;</FONT></B>&nbsp;
	</TD>
	<TD align=right width=9%>
<B><FONT size=1 face="sans-serif">0.13</FONT></B>&nbsp;
	</TD>
	<TD align=right width=12%>
<FONT size=1 face="sans-serif">0.12</FONT>
	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=right width=12%>
<FONT size=1 face="sans-serif">0.12</FONT>
	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=1 face="sans-serif">0.09</FONT>
	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=right width=8%>
<FONT size=1 face="sans-serif">0.09</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=10>
<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 the stock-based compensation expense (EIC-162).</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">REVENUE WAS 18% HIGHER THAN LAST QUARTER AND 20% HIGHER YEAR OVER YEAR</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Revenue was higher than last quarter mainly because of the SP/M segment, where revenue increased by &#36;40.9 million because of variability in revenue recognition on certain European programs and a different mix in
some US programs.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Revenue was also higher year over year:</FONT></P>
<UL>
<LI>
<FONT size=2 face="sans-serif">SP/C revenue was 46% or &#36;29.1 million higher because of the high number of new orders</FONT></LI>
<LI>
<FONT size=2 face="sans-serif">SP/M revenue was 27% or &#36;22.4 million higher because of a different mix of contracts and, in</FONT> <FONT size=2 face="sans-serif">particular, the higher activity on some European programs.</FONT><BR>
<FONT size=2 face="sans-serif">Revenue year to date of &#36;913.4 million was &#36;90.5 million, or 11% higher than the first nine months</FONT></LI>
</UL>
<P align="left">
<FONT size=2 face="sans-serif">of fiscal 2006.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">You will find more details in </FONT><I><FONT size=2 face="sans-serif">Results by segment</FONT></I><FONT size=2 face="sans-serif">.</FONT></P>
<P align="left">
<B><FONT size=1 face="sans-serif">1 2 __ C A E 2 0 0 7 Q 3 R E P O R T</FONT></B></P>

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


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<A name="page_15"></A>
<P align=right><B><FONT face=sans-serif size=1>M A N A G E M E N T &#146; S D I S C U S S I O N A N D A N A L Y S I S</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>EBIT</FONT><SUP><FONT face=sans-serif size=2>4 </FONT></SUP><FONT face=sans-serif size=2>WAS $0.6 MILLION LOWER THAN LAST QUARTER AND $11.9 MILLION HIGHER YEAR OVER YEAR EBIT for this quarter was $44.2 million, or 13.3% of revenue. Not including the effect of non-recurring items, EBIT was $47.0 million, or 14.2% of revenue. </FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>Compared to last quarter, EBIT was down by $0.6 million. Increased segment operating income from the SP/M and TS/C segments were partly offset by a decrease in the two other segments. This is mainly related to revenue mix between segments, higher than average operating income for SP/C last quarter and higher restructuring costs this quarter.</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>Year over year, EBIT was up by 37% or $11.9 million, mainly because of higher segment operating income in both the SP/C and SP/M segments which increased their segment operating income by $5.2 million and $5.0 million respectively.</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>For the first nine months of the year, EBIT was $136.1 million, which is 43% or $41.2 million higher than the same period last year. </FONT></P>
<P align=left><FONT face=sans-serif size=2>You will find more detail in </FONT><I><FONT face=sans-serif size=2>Reconciliation of non-recurring items </FONT></I><FONT face=sans-serif size=2>and </FONT><I><FONT face=sans-serif size=2>Results by segment</FONT></I><FONT face=sans-serif size=2>.</FONT></P>
<P align=left><FONT face=sans-serif size=2>NET INTEREST EXPENSE WAS $1.7 MILLION HIGHER THAN LAST QUARTER AND $3.2 MILLION LOWER YEAR OVER YEAR</FONT></P>
<P align=left><FONT face=sans-serif size=2>Net interest expense was higher than last quarter because its interest income component was lower. Interest income earned in the second quarter was higher because of the accretion of discounts on long-term notes receivable, which were settled in full.</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>For the first nine months of the year, net interest expense was $7.1 million, which is 54% or $8.2 million lower than the same period last year. This is mainly because of:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR>
     <TD vAlign=top noWrap>
<LI></LI></TD>
     <TD width="100%" colSpan=2><FONT face=sans-serif size=2>Lower overall debt:</FONT> </TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR>
     <TD>&nbsp;</TD>
     <TD vAlign=top noWrap>
<LI></LI></TD>
     <TD width="100%"><FONT face=sans-serif size=2>We repaid the Amsterdam asset-backed financing at the end of the third quarter of fiscal 2006.</FONT> </TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR>
     <TD>&nbsp;</TD>
     <TD vAlign=top noWrap>
<LI></LI></TD>
     <TD width="100%"><FONT face=sans-serif size=2>We repaid the $20 million senior note tranche in June 2005.</FONT> </TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR>
     <TD>&nbsp;</TD>
     <TD vAlign=top noWrap>
<LI></LI></TD>
     <TD width="100%"><FONT face=sans-serif size=2>We reduced our use of the revolving credit facility by approximately half.</FONT> </TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap>
<LI></LI></TD>
     <TD width="100%" colSpan=2><FONT face=sans-serif size=2>An increase in the average cash balance</FONT> </TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap>
<LI></LI></TD>
     <TD width="100%" colSpan=2><FONT face=sans-serif size=2>Higher interest revenue because of the accretion of discounts on long-term notes receivable as mentioned above</FONT> </TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap>
<LI></LI></TD>
     <TD width="100%" colSpan=2><FONT face=sans-serif size=2>An increase in capitalized interest resulting from higher assets under construction.</FONT> </TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR></TABLE>
<P align=left><FONT face=sans-serif size=2>EFFECTIVE INCOME TAX RATE IS LOWER </FONT></P>
<P align=left><FONT face=sans-serif size=2>Income taxes this quarter were $11.6 million, representing an effective tax rate of 28%, compared to 28% for last quarter and 34% for the third quarter of fiscal 2006. Income taxes for the first nine months were $35.0 million, representing an effective tax rate of 27%, compared to 31% for the same period last year.</FONT></P>
<P align=left><FONT face=sans-serif size=2>The tax rate was lower for the first nine months for three reasons:</FONT></P>
<UL>
<LI><FONT face=sans-serif size=2>We reduced the valuation allowance in the first quarter on net operating losses in the UK, which</FONT> <FONT face=sans-serif size=2>allowed us to recognize a cumulative $1.8 million in tax assets (net of a $0.2 million reversal during</FONT> <FONT face=sans-serif size=2>the second quarter).</FONT>
<LI><FONT face=sans-serif size=2>The statutory Canadian tax rate was lowered in the first quarter.</FONT>
<LI><FONT face=sans-serif size=2>The statutory Netherlands tax rate was lowered in the third quarter.</FONT> </LI></UL>
<P align=left><B><FONT face=sans-serif size=1>NOTES</FONT></B></P>
<P align=left><SUP><FONT face=sans-serif size=1>4 </FONT></SUP><FONT face=sans-serif size=1>Earnings before interest and taxes (EBIT) is a non-GAAP measure that shows us how we have performed before the effects of certain financing decisions and tax structures. We track EBIT because we believe it makes it easier to compare our performance with previous periods, and with companies and industries that do not have the same capital structure or tax laws.</FONT></P>
<P align=right><B><FONT face=sans-serif size=1>C A E 2 0 0 7 Q 3 R E P O R T __ 1 3</FONT></B></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_16"></A>
<P align=left><B><FONT face=sans-serif size=1>M A N A G E M E N T &#146; S D I S C U S S I O N A N D A N A L Y S I S</FONT></B></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>The tax rate for the third quarter of fiscal 2006 was higher than this quarter because of changes in the mix of income from various jurisdictions for tax purposes and the higher Netherlands tax rate.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Before non-recurring items, income tax expense would have been: </FONT></P>
<UL>
<LI><FONT face=sans-serif size=2>$12.1 million for this quarter, representing an effective tax rate of 27%</FONT>
<LI><FONT face=sans-serif size=2>$12.7 million for the second quarter, representing an effective tax rate of 29%</FONT>
<LI><FONT face=sans-serif size=2>$10.4 million for the third quarter last year, representing an effective tax rate of 31%</FONT>
<LI><FONT face=sans-serif size=2>$38.2 million for the first nine months this year, representing an effective tax rate of 29%</FONT>
<LI><FONT face=sans-serif size=2>$28.7 million for the first nine months last year, representing an effective tax rate of 31%.</FONT><BR>
<FONT face=sans-serif size=2>The tax rates for fiscal 2007, excluding non-recurring items, were lower than fiscal 2006 because of</FONT> </LI></UL>
<P align=left><FONT face=sans-serif size=2>changes in the mix of income from various jurisdictions for tax purposes and lower tax rates in Canada and the Netherlands. </FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>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>You will find more detail in </FONT><I><FONT face=sans-serif size=2>Reconciliation of non-recurring items</FONT></I><FONT face=sans-serif size=2>. </FONT></P>
<P align=left><FONT face=sans-serif size=2>RESULTS FROM DISCONTINUED OPERATIONS </FONT></P>
<P align=left><FONT face=sans-serif size=2>The adjustments to current earnings from gains and/or losses related to discontinued operations were nominal this quarter.</FONT></P>
<P align=left><B><FONT face=sans-serif>4.2 EARNINGS BEFORE NON-RECURRING ITEMS</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>The table below shows how certain non-recurring items have affected our results in each of the reporting periods. 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. </FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>We believe this supplemental information is a useful indication of our performance before these non-recurring items. It is important, however, not to confuse this information with, or use it as an alternative for, net earnings calculated according to GAAP as an indicator of performance.</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD align=left width="28%" colSpan=3><B><FONT face=sans-serif size=1>RECONCILIATION OF NON-RECURRING ITEMS</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="5%">&nbsp; </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="4%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="5%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="1%">&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="5%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="1%">&nbsp; </TD>
     <TD align=left width="3%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="92%" colSpan=25>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="20%">&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="11%" colSpan=3>&nbsp; &nbsp; <B><FONT face=sans-serif size=1>Q3-2007</FONT></B>&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="12%" colSpan=4>&nbsp; &nbsp; <FONT face=sans-serif size=1>Q2-2007</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="11%" colSpan=4>&nbsp; &nbsp; <FONT face=sans-serif size=1>Q3-2006</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="92%" colSpan=25>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="20%"><I><FONT face=sans-serif size=1>(amounts in millions,</FONT></I>&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=1>before</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>after</FONT></B>&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=1>per</FONT></B>&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>before</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>after</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="1%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>per</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>before</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>after</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="1%">&nbsp; </TD>
     <TD align=right width="3%"><FONT face=sans-serif size=1>per</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="20%"><I><FONT face=sans-serif size=1>except per share amounts)</FONT></I>&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=1>tax</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>tax</FONT></B>&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=1>share</FONT></B>&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>tax</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>tax</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="1%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>share</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>tax</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>tax</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="1%">&nbsp; </TD>
     <TD align=right width="3%"><FONT face=sans-serif size=1>share</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="92%" colSpan=25>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="20%"><FONT face=sans-serif size=1>Earnings from</FONT>&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="5%">&nbsp; </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="4%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="5%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="1%">&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="5%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="1%">&nbsp; </TD>
     <TD align=left width="3%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="20%">&nbsp; &nbsp;<FONT face=sans-serif size=1>continuing operations</FONT>&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=1>$</FONT></B> </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=1>41.3</FONT></B>&nbsp; </TD>
     <TD align=right width="2%"><B><FONT face=sans-serif size=1>$</FONT></B> </TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>29.7</FONT></B>&nbsp; </TD>
     <TD align=left width="2%">&nbsp;<B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=1>0.12</FONT></B>&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>$</FONT> </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>43.6</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="2%"><FONT face=sans-serif size=1>$</FONT> </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>31.3</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="1%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>0.12</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>$</FONT> </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>26.2</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="2%"><FONT face=sans-serif size=1>$</FONT> </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>17.3</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="1%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="3%"><FONT face=sans-serif size=1>0.07</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="20%"><FONT face=sans-serif size=1>Restructuring plan</FONT>&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="5%">&nbsp; </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="4%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="5%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="1%">&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="5%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="1%">&nbsp; </TD>
     <TD align=left width="3%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="20%"><FONT face=sans-serif size=1>&#150; Restructuring charge</FONT>&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=1>2.3</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>2.0</FONT></B>&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=1>0.01</FONT></B>&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>0.2</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>0.1</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="1%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>&#150;</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>2.6</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>1.9</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="1%">&nbsp; </TD>
     <TD align=right width="3%"><FONT face=sans-serif size=1>0.01</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="20%"><FONT face=sans-serif size=1>&#150; Other costs associated with</FONT>&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="5%">&nbsp; </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="4%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="5%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="1%">&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="5%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="1%">&nbsp; </TD>
     <TD align=left width="3%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="20%">&nbsp;<FONT face=sans-serif size=1>the restructuring plan</FONT>&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=1>0.5</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>0.3</FONT></B>&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=1>&#150;</FONT></B>&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>1.5</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>1.0</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="1%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>0.01</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>3.4</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>2.3</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="1%">&nbsp; </TD>
     <TD align=right width="3%"><FONT face=sans-serif size=1>0.01</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="20%"><FONT face=sans-serif size=1>Early repayment on notes receivable</FONT>&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=1>&#150;</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>&#150;</FONT></B>&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=1>&#150;</FONT></B>&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>(1.4</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>(1.4</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD>
     <TD align=left width="1%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>(0.01</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>&#150;</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>&#150;</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="1%">&nbsp; </TD>
     <TD align=right width="3%"><FONT face=sans-serif size=1>&#150;</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="20%"><FONT face=sans-serif size=1>Early settlement of high-cost</FONT>&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="5%">&nbsp; </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="4%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="5%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="1%">&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="5%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="1%">&nbsp; </TD>
     <TD align=left width="3%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="20%">&nbsp; &nbsp;<FONT face=sans-serif size=1>long-term debt</FONT>&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=1>&#150;</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>&#150;</FONT></B>&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=1>&#150;</FONT></B>&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>&#150;</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>&#150;</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="1%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>&#150;</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>2.8</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>2.0</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="1%">&nbsp; </TD>
     <TD align=right width="3%"><FONT face=sans-serif size=1>0.01</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="20%"><FONT face=sans-serif size=1>Foreign exchange loss</FONT>&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=1>&#150;</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>&#150;</FONT></B>&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=1>&#150;</FONT></B>&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>&#150;</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>&#150;</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="1%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>&#150;</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>0.7</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>1.0</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="1%">&nbsp; </TD>
     <TD align=right width="3%"><FONT face=sans-serif size=1>&#150;</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="20%"><FONT face=sans-serif size=1>Exit from the Dornier 328J platform</FONT>&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=1>&#150;</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>&#150;</FONT></B>&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=1>&#150;</FONT></B>&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>&#150;</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>&#150;</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="1%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>&#150;</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>(1.8</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>(1.0</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD>
     <TD align=left width="1%">&nbsp; </TD>
     <TD align=right width="3%"><FONT face=sans-serif size=1>(0.01</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="20%"><FONT face=sans-serif size=1>Tax recoveries</FONT>&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=1>&#150;</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>&#150;</FONT></B>&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=1>&#150;</FONT></B>&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>&#150;</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>0.2</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="1%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>&#150;</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>&#150;</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>&#150;</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="1%">&nbsp; </TD>
     <TD align=right width="3%"><FONT face=sans-serif size=1>&#150;</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="92%" colSpan=25>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="20%"><FONT face=sans-serif size=1>Earnings from continuing operations</FONT>&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="5%">&nbsp; </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="4%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="5%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="1%">&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="5%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="1%">&nbsp; </TD>
     <TD align=left width="3%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="20%">&nbsp; &nbsp;<FONT face=sans-serif size=1>before non-recurring items</FONT>&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="5%">&nbsp; </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="4%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="5%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="1%">&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="5%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="1%">&nbsp; </TD>
     <TD align=left width="3%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="20%">&nbsp; &nbsp;<FONT face=sans-serif size=1>(non-GAAP measure)</FONT>&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=1>$</FONT></B> </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=1>44.1</FONT></B>&nbsp; </TD>
     <TD align=right width="2%"><B><FONT face=sans-serif size=1>$</FONT></B> </TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>32.0</FONT></B>&nbsp; </TD>
     <TD align=left width="2%">&nbsp;<B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=1>0.13</FONT></B>&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>$</FONT> </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>43.9</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="2%"><FONT face=sans-serif size=1>$</FONT> </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>31.2</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="1%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>0.12</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>$</FONT> </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>33.9</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="2%"><FONT face=sans-serif size=1>$</FONT> </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>23.5</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="1%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="3%"><FONT face=sans-serif size=1>0.09</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="92%" colSpan=25>
<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 the stock-based compensation expense (EIC-162).</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>1 4 __ C A E 2 0 0 7 Q 3 R E P O R T</FONT></B></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_17"></A>
<P align=right><B><FONT face=sans-serif size=1>M A N A G E M E N T &#146; S D I S C U S S I O N A N D A N A L Y S I S</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>RESTRUCTURING PLAN </FONT></P>
<P align=left><FONT face=sans-serif size=2>We incurred $2.8 million in costs this quarter that were mostly related to:</FONT></P>
<UL>
<LI><FONT face=sans-serif size=2>Continuing the redeployment of assets in the TS/C segment</FONT>
<LI><FONT face=sans-serif size=2>Implementation of our ERP system.</FONT><BR>
<FONT face=sans-serif size=2>We completed the relocation of eight FFSs in Madrid, Dallas and Morristown, NJ this quarter, leaving two</FONT> </LI></UL>
<P align=left><FONT face=sans-serif size=2>FFSs to be relocated to our new North East Training Centre in 2007. A total of 28 FFSs (nearly one-third of the installed base) will have been moved as part of the restructuring plan. Some disruption is normally expected as relocated simulators ramp back up to capacity. We are on track with the consolidation of our operations and the expansion of our Madrid facility, and we expect them to be completed by the end of fiscal 2007. </FONT></P>
<P align=left><FONT face=sans-serif size=2>EARLY REPAYMENT OF NOTES RECEIVABLE</FONT></P>
<P align=left><FONT face=sans-serif size=2>During the second quarter of fiscal 2007, we received an early payment, in full, of secured, subordinated promissory long-term notes receivable previously recorded in other assets. The amount was part of the consideration for our sale in 2002 of Ultrasonics and Ransohoff. We recognized $1.4 million in interest revenue last quarter as a result of the repayment, because of the accretion of discounts on the long-term notes receivable. </FONT></P>
<P align=left><FONT face=sans-serif size=2>EARLY SETTLEMENT OF HIGH-COST LONG-TERM DEBTS</FONT></P>
<P align=left><FONT face=sans-serif size=2>During the third quarter of fiscal 2006, we took advantage of available liquidity and the strong Canadian dollar to prepay a higher cost, asset-backed financing arrangement which was in place when we acquired Schreiner Aviation Training. The Amsterdam asset-backed financing was </FONT><FONT face=sans-serif size=2>&#128;</FONT><FONT face=sans-serif size=2>2.7 million, and the prepayment resulted in a one-time pre-tax charge totalling $2.8 million. </FONT></P>
<P align=left><FONT face=sans-serif size=2>FOREIGN EXCHANGE LOSS</FONT></P>
<P align=left><FONT face=sans-serif size=2>During the third quarter of fiscal 2006, we reduced our net investment in certain self-sustaining subsidiaries and transferred corresponding amounts of foreign exchange losses accumulated in the currency translation adjustment (CTA) account to the Statement of Earnings. The result was a non-recurring pre-tax loss of $0.7 million. The reduction of capitalization in self-sustaining subsidiaries is not part of our day-to-day operations and we do not consider any impact on the results to be recurring.</FONT></P>
<P align=left><FONT face=sans-serif size=2>EXIT FROM THE DORNIER 328J PLATFORM</FONT></P>
<P align=left><FONT face=sans-serif size=2>During the third quarter of fiscal 2006, we reached a decision to no longer provide training services for the Dornier 328 Jet (Do328J) aircraft. As a result, we sold two Do328J FFSs that resulted in a net gain of $1.8 million.</FONT></P>
<P align=left><FONT face=sans-serif size=2>TAX RECOVERIES </FONT></P>
<P align=left><FONT face=sans-serif size=2>We consider the following tax recoveries to be non-recurring because they were not part of our day-to-day operations:</FONT></P>
<UL>
<LI><FONT face=sans-serif size=2>We reduced the valuation allowance on net operating losses in the UK, which allowed us to recognize</FONT> <FONT face=sans-serif size=2>a cumulative $1.8 million in tax assets (net of a $0.2 million reversal during the second quarter).</FONT>
<LI><FONT face=sans-serif size=2>We reduced the valuation allowance on our net operating losses in the US, along with other recoveries,</FONT> <FONT face=sans-serif size=2>which allowed us to recognize $9.0 million in tax assets during the fourth quarter of last year.</FONT> </LI></UL>
<P align=right><B><FONT face=sans-serif size=1>C A E 2 0 0 7 Q 3 R E P O R T __ 1 5</FONT></B></P>
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<P align=left><B><FONT face=sans-serif size=1>M A N A G E M E N T &#146; S D I S C U S S I O N A N D A N A L Y S I S</FONT></B></P>
<P align=left><B><FONT face=sans-serif>4.3 CONSOLIDATED ORDERS AND BACKLOG</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>Backlog is a non-GAAP measure that tells us the full value of orders we have received but have not yet executed.</FONT></P>
<UL>
<LI><FONT face=sans-serif size=2>For the SP/C, SP/M and TS/M segments, we consider an item part of our backlog when we have a</FONT> <FONT face=sans-serif size=2>legally binding commercial agreement with a client that includes enough detail about each party&#146;s</FONT> <FONT face=sans-serif size=2>obligations to form the basis for a contract or an order.</FONT>
<LI><FONT face=sans-serif size=2>Military contracts are usually long-term but must be renewed each year. For the SP/M and TS/M</FONT> <FONT face=sans-serif size=2>segments, we only include a contract item in backlog when the customer has authorized and received</FONT> <FONT face=sans-serif size=2>financing for it.</FONT>
<LI><FONT face=sans-serif size=2>For the TS/C segment, we include revenues from customers with both long-term and short-term</FONT> <FONT face=sans-serif size=2>contracts when these customers commit to paying us training fees, or when we reasonably expect them</FONT> <FONT face=sans-serif size=2>from current customers.</FONT> </LI></UL>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD align=left width="36%"><B><FONT face=sans-serif size=1>CHANGE IN BACKLOG</FONT></B>&nbsp; </TD>
     <TD align=left width="30%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="12%">&nbsp; </TD>
     <TD align=left width="6%"></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="36%">&nbsp; </TD>
     <TD align=left width="30%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>Three months ended</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="12%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>Nine months ended</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="36%"><I><FONT face=sans-serif size=1>(amounts in millions)</FONT></I>&nbsp; </TD>
     <TD align=left width="30%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>December 31, 2006</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="12%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>December 31, 2006</FONT></B> </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="36%"><FONT face=sans-serif size=1>Backlog, beginning of period</FONT>&nbsp; </TD>
     <TD align=right width="30%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>2,584.0</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="12%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>2,460.0</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="36%"><FONT face=sans-serif size=1>+ orders this quarter</FONT>&nbsp; </TD>
     <TD align=left width="30%">&nbsp; </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>327.0</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="12%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>1,044.8</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="36%"><FONT face=sans-serif size=1>- revenue this quarter</FONT>&nbsp; </TD>
     <TD align=left width="30%">&nbsp;</TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>(331.2</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD>
     <TD align=left width="12%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>(913.4</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="36%"><FONT face=sans-serif size=1>+/- adjustments (mainly FX)</FONT>&nbsp; </TD>
     <TD align=left width="30%">&nbsp; </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>132.1</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="12%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>120.5</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="95%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="36%"><FONT face=sans-serif size=1>Backlog, end of period</FONT>&nbsp; </TD>
     <TD align=right width="30%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>2,711.9</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="12%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>2,711.9</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="95%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>The book-to-sales ratio for the quarter was 1.0x. The ratio for the last 12 months was 1.2x. You will find more detail in </FONT><I><FONT face=sans-serif size=2>Results by segment, below</FONT></I><FONT face=sans-serif size=2>.</FONT></P>
<P align=left><B><FONT face=sans-serif size=4>5 RESULTS BY SEGMENT</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>We manage our business and report our results in four segments: Civil segments:</FONT></P>
<UL>
<LI><FONT face=sans-serif size=2>Simulation Products/Civil (SP/C)</FONT>
<LI><FONT face=sans-serif size=2>Training &amp; Services/Civil (TS/C)</FONT> <FONT face=sans-serif size=2>Military segments:</FONT>
<LI><FONT face=sans-serif size=2>Simulation Products/Military (SP/M)</FONT>
<LI><FONT face=sans-serif size=2>Training &amp; Services/Military (TS/M)</FONT><BR>
<FONT face=sans-serif size=2>The SP/C and SP/M segments operate as an integrated organization that shares substantially all engineering,</FONT> </LI></UL>
<P align=left><FONT face=sans-serif size=2>development, global procurement, program management and manufacturing functions.</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>Transactions between segments are mainly transfers of simulators from SP/C to TS/C and are recorded at cost. If we can measure a segment&#146;s use of jointly used assets, costs and liabilities (mostly corporate costs), we allocate them to the segment in that proportion. If we cannot measure a segment&#146;s use, we allocate in proportion to the segment&#146;s cost of sales.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>1 6 __ C A E 2 0 0 7 Q 3 R E P O R T</FONT></B></P>
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<P align=right><B><FONT face=sans-serif size=1>M A N A G E M E N T &#146; S D I S C U S S I O N A N D A N A L Y S I S</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD align=left width="33%" colSpan=2><B><FONT face=sans-serif>KEY PERFORMANCE INDICATORS</FONT></B>&nbsp; </TD>
     <TD align=left width="9%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="11%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="14%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="31%"><B><FONT face=sans-serif size=1>SEGMENT OPERATING INCOME</FONT></B>&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="9%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="11%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="14%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="93%" colSpan=12>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="31%"><I><FONT face=sans-serif size=1>(amounts in millions, except operating margins)</FONT></I>&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=1>Q3-2007</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=1>Q2-2007</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="14%"><FONT face=sans-serif size=1>Q1-2007</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="8%"><FONT face=sans-serif size=1>Q4-2006</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="8%"><FONT face=sans-serif size=1>Q3-2006</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="93%" colSpan=12>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="31%"><B><I><FONT face=sans-serif size=1>Civil segments</FONT></I></B>&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="9%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="11%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="14%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="31%"><FONT face=sans-serif size=1>Simulation Products/Civil</FONT>&nbsp; </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=1>15.5</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=1>18.7</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="14%"><FONT face=sans-serif size=1>10.9</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="8%"><FONT face=sans-serif size=1>9.3</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="8%"><FONT face=sans-serif size=1>10.3</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="31%">&nbsp; </TD>
     <TD align=left width="2%"><B><I><FONT face=sans-serif size=1>%</FONT></I></B>&nbsp; </TD>
     <TD align=right width="9%"><B><I><FONT face=sans-serif size=1>16.8</FONT></I></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="11%"><I><FONT face=sans-serif size=1>22.2</FONT></I> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="14%"><I><FONT face=sans-serif size=1>14.7</FONT></I> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="8%"><I><FONT face=sans-serif size=1>11.9</FONT></I> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="8%"><I><FONT face=sans-serif size=1>16.3</FONT></I> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="31%"><FONT face=sans-serif size=1>Training &amp; Services/Civil</FONT>&nbsp; </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=1>13.5</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=1>11.2</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="14%"><FONT face=sans-serif size=1>18.3</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="8%"><FONT face=sans-serif size=1>14.9</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="8%"><FONT face=sans-serif size=1>14.1</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="31%">&nbsp; </TD>
     <TD align=left width="2%"><B><I><FONT face=sans-serif size=1>%</FONT></I></B>&nbsp; </TD>
     <TD align=right width="9%"><B><I><FONT face=sans-serif size=1>16.2</FONT></I></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="11%"><I><FONT face=sans-serif size=1>14.3</FONT></I> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="14%"><I><FONT face=sans-serif size=1>21.9</FONT></I> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="8%"><I><FONT face=sans-serif size=1>18.4</FONT></I> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="8%"><I><FONT face=sans-serif size=1>18.1</FONT></I> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="93%" colSpan=12>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="31%"><B><I><FONT face=sans-serif size=1>Military segments</FONT></I></B>&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="9%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="11%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="14%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="31%"><FONT face=sans-serif size=1>Simulation Products/Military</FONT>&nbsp; </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=1>11.2</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=1>7.3</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="14%"><FONT face=sans-serif size=1>11.1</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="8%"><FONT face=sans-serif size=1>6.8</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="8%"><FONT face=sans-serif size=1>6.2</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="31%">&nbsp; </TD>
     <TD align=left width="2%"><B><I><FONT face=sans-serif size=1>%</FONT></I></B>&nbsp; </TD>
     <TD align=right width="9%"><B><I><FONT face=sans-serif size=1>10.6</FONT></I></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="11%"><I><FONT face=sans-serif size=1>11.4</FONT></I> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="14%"><I><FONT face=sans-serif size=1>11.6</FONT></I> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="8%"><I><FONT face=sans-serif size=1>8.8</FONT></I> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="8%"><I><FONT face=sans-serif size=1>7.5</FONT></I> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="31%"><FONT face=sans-serif size=1>Training &amp; Services/Military</FONT>&nbsp; </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=1>6.8</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=1>9.3</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="14%"><FONT face=sans-serif size=1>11.5</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="8%"><FONT face=sans-serif size=1>3.2</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="8%"><FONT face=sans-serif size=1>8.4</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="31%">&nbsp; </TD>
     <TD align=left width="2%"><B><I><FONT face=sans-serif size=1>%</FONT></I></B>&nbsp; </TD>
     <TD align=right width="9%"><B><I><FONT face=sans-serif size=1>13.4</FONT></I></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="11%"><I><FONT face=sans-serif size=1>17.4</FONT></I> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="14%"><I><FONT face=sans-serif size=1>23.9</FONT></I> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="8%"><I><FONT face=sans-serif size=1>6.7</FONT></I> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="8%"><I><FONT face=sans-serif size=1>15.9</FONT></I> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="93%" colSpan=12>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="31%"><FONT face=sans-serif size=1>Total segment operating income</FONT>&nbsp; </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=1>47.0</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=1>46.5</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="14%"><FONT face=sans-serif size=1>51.8</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="8%"><FONT face=sans-serif size=1>34.2</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="8%"><FONT face=sans-serif size=1>39.0</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="31%"><FONT face=sans-serif size=1>Other income (expenses)</FONT>&nbsp; </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=1>(2.8</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=1>(1.7</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD>
     <TD align=right width="14%"><FONT face=sans-serif size=1>(4.7</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD>
     <TD align=right width="8%"><FONT face=sans-serif size=1>(25.1</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD>
     <TD align=right width="8%"><FONT face=sans-serif size=1>(6.7</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="31%"><FONT face=sans-serif size=1>EBIT</FONT>&nbsp; </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=1>44.2</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=1>44.8</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="14%"><FONT face=sans-serif size=1>47.1</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="8%"><FONT face=sans-serif size=1>9.1</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="8%"><FONT face=sans-serif size=1>32.3</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="93%" colSpan=12>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="71%" colSpan=7><FONT face=sans-serif size=1>Comparable periods have been restated to reflect a change in the stock-based compensation expense (EIC-162).</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR></TABLE><BR>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>We use segment operating income to measure the profitability of our four operating segments, and to help us make decisions about allocating resources. We calculate segment operating income by using a segment&#146;s net earnings before other income, interest, income taxes and discontinued operations. This allows us to assess the profitability of a segment before the impact of things not specifically related to its performance.</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD align=left width="25%"><B><FONT face=sans-serif size=1>CAPITAL EMPLOYED</FONT></B>&nbsp; </TD>
     <TD align=left width="8%">&nbsp; </TD>
     <TD align=left width="9%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="11%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="11%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="11%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="93%" colSpan=12>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="25%"><I><FONT face=sans-serif size=1>(amounts in millions)</FONT></I>&nbsp; </TD>
     <TD align=left width="8%">&nbsp; </TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=1>Q3-2007</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=1>Q2-2007</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=1>Q1-2007</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=1>Q4-2006</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="8%"><FONT face=sans-serif size=1>Q3-2006</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="93%" colSpan=12>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="25%"><B><I><FONT face=sans-serif size=1>Civil segments</FONT></I></B>&nbsp; </TD>
     <TD align=left width="8%">&nbsp; </TD>
     <TD align=left width="9%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="11%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="11%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="11%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="25%"><FONT face=sans-serif size=1>Simulation Products/Civil</FONT>&nbsp; </TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=1>(3.0</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=1>(13.6</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=1>(19.0</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=1>(37.7</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD>
     <TD align=right width="8%"><FONT face=sans-serif size=1>(16.8</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="25%"><FONT face=sans-serif size=1>Training &amp; Services/Civil</FONT>&nbsp; </TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=1>714.8</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=1>639.6</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=1>618.7</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=1>614.9</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="8%"><FONT face=sans-serif size=1>610.3</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="93%" colSpan=12>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="25%"><B><I><FONT face=sans-serif size=1>Military segments</FONT></I></B>&nbsp; </TD>
     <TD align=right width="8%">&nbsp; </TD>
     <TD align=left width="9%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="11%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="11%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="11%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="25%"><FONT face=sans-serif size=1>Simulation Products/Military</FONT>&nbsp; </TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=1>34.7</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=1>57.7</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=1>48.0</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=1>49.3</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="8%"><FONT face=sans-serif size=1>61.7</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="25%"><FONT face=sans-serif size=1>Training &amp; Services/Military</FONT>&nbsp; </TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=1>136.6</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=1>129.2</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=1>119.2</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=1>111.5</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="8%"><FONT face=sans-serif size=1>93.0</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="93%" colSpan=12>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="25%">&nbsp; </TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=1>883.1</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=1>812.9</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=1>766.9</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=1>738.0</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="8%"><FONT face=sans-serif size=1>748.2</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="93%" colSpan=12>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>We use capital employed to understand how much we are investing in our business. We calculate it by taking each segment&#146;s total assets (not including cash and cash equivalents, tax accounts and other non-operating assets), and subtracting total liabilities (not including tax accounts, long-term debt and its current portion, or other non-operating liabilities).</FONT></P>
<P align=left><B><FONT face=sans-serif>5.1 CIVIL SEGMENTS</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>SIMULATION PRODUCTS/CIVIL </FONT></P>
<P align=left><FONT face=sans-serif size=2>SP/C was awarded the following contracts this quarter:</FONT></P>
<UL>
<LI><FONT face=sans-serif size=2>One B777 FFS to Air Canada</FONT>
<LI><FONT face=sans-serif size=2>Two B777 FFSs to an undisclosed customer</FONT>
<LI><FONT face=sans-serif size=2>Two A320 FFSs to Flight Simulation Company (FSC)</FONT>
<LI><FONT face=sans-serif size=2>Two B737 FFSs to Flight Simulation Company (FSC)</FONT>
<LI><FONT face=sans-serif size=2>One A330/340 FFS to Jet Airways</FONT>
<LI><FONT face=sans-serif size=2>One B777 FFS to Jet Airways</FONT>
<LI><FONT face=sans-serif size=2>One A320 FFS to Shanghai Eastern Flight Training</FONT> </LI></UL>
<P align=right><B><FONT face=sans-serif size=1>C A E 2 0 0 7 Q 3 R E P O R T __ 1 7</FONT></B></P>
<HR align=center width="100%" noShade SIZE=2>

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<P align=left><B><FONT face=sans-serif size=1>M A N A G E M E N T &#146; S D I S C U S S I O N A N D A N A L Y S I S</FONT></B></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>Total order intake this quarter was 10 FFSs. FedEx cancelled its order for two A380 FFSs this quarter, following the cancellation of its order for A380 aircrafts. SP/C&#146;s total order intake for the first nine months is 27. While the fiscal year is nearly complete, we expect that FFS sales will reach 33 by March 31, 2007.</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD align=left width="31%"><B><FONT face=sans-serif size=1>FINANCIAL RESULTS</FONT></B>&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="9%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="11%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="11%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="11%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="93%" colSpan=12>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="31%"><I><FONT face=sans-serif size=1>(amounts in millions, except operating margins)</FONT></I>&nbsp; </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=1>Q3-2007</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=1>Q2-2007</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=1>Q1-2007</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=1>Q4-2006</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="8%"><FONT face=sans-serif size=1>Q3-2006</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="93%" colSpan=12>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="31%"><FONT face=sans-serif size=1>Revenue</FONT>&nbsp; </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=1>92.1</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=1>84.2</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=1>74.2</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=1>78.0</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="8%"><FONT face=sans-serif size=1>63.0</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="31%"><FONT face=sans-serif size=1>Segment operating income</FONT>&nbsp; </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=1>15.5</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=1>18.7</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=1>10.9</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=1>9.3</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="8%"><FONT face=sans-serif size=1>10.3</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="31%"><I><FONT face=sans-serif size=1>Operating margins</FONT></I>&nbsp; </TD>
     <TD align=left width="2%"><B><I><FONT face=sans-serif size=1>%</FONT></I></B>&nbsp; </TD>
     <TD align=right width="9%"><B><I><FONT face=sans-serif size=1>16.8</FONT></I></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="11%"><I><FONT face=sans-serif size=1>22.2</FONT></I> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="11%"><I><FONT face=sans-serif size=1>14.7</FONT></I> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="11%"><I><FONT face=sans-serif size=1>11.9</FONT></I> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="8%"><I><FONT face=sans-serif size=1>16.3</FONT></I> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="31%"><FONT face=sans-serif size=1>Amortization &amp; depreciation</FONT>&nbsp; </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=1>2.3</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=1>2.1</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=1>2.1</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=1>2.2</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="8%"><FONT face=sans-serif size=1>1.7</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="31%"><FONT face=sans-serif size=1>Capital expenditures</FONT>&nbsp; </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=1>0.9</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=1>3.5</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=1>8.2</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=1>2.5</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="8%"><FONT face=sans-serif size=1>2.0</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="31%"><FONT face=sans-serif size=1>Capital employed</FONT>&nbsp; </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=1>(3.0</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=1>(13.6</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=1>(19.0</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=1>(37.7</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD>
     <TD align=right width="8%"><FONT face=sans-serif size=1>(16.8</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="31%"><FONT face=sans-serif size=1>Backlog</FONT>&nbsp; </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=1>340.0</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=1>313.2</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=1>297.5</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=1>284.4</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="8%"><FONT face=sans-serif size=1>312.3</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="93%" colSpan=12>
<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 the stock-based compensation expense (EIC-162).</FONT></P>
<P align=left><FONT face=sans-serif size=2>REVENUE UP BY 9% FROM LAST QUARTER AND BY 46% YEAR OVER YEAR</FONT></P>
<P align=left><FONT face=sans-serif size=2>Revenue is higher over last quarter and year over year because of the high level of recent orders, and because we obtained customer&#146;s final acceptance of certain simulators that are recorded as sale-type capital lease transactions for which the percentage of completion revenue recognition method is not applicable. The margin associated with these simulators was also recognized during the quarter.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Revenue year to date is $250.5 million, 40% or $71.5 million higher than the same period last year.</FONT></P>
<P align=left><FONT face=sans-serif size=2>SEGMENT OPERATING INCOME DOWN BY 17% FROM LAST QUARTER AND UP BY 50% YEAR OVER YEAR Segment operating income was lower than last quarter because operating margins in the second quarter had been higher than average.</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>SP/C&#146;s segment operating income was higher year over year because revenue was higher, and Technology Partnerships Canada and Investissement Qu&#233;bec made higher contributions to Project Phoenix.</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>Segment operating income for the first nine months of the year was $45.1 million, 119% or $24.5 million higher that the same period last year.</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD align=left width="54%"><FONT face=sans-serif size=2>CAPITAL EMPLOYED INCREASED OVER LAST QUARTER</FONT>&nbsp; </TD>
     <TD align=left width="11%">&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="13%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="73%" colSpan=3><FONT face=sans-serif size=2>Capital employed was higher mainly because of higher working capital.</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="13%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="54%"><FONT face=sans-serif size=2>BACKLOG UP BY 9% OVER LAST QUARTER</FONT>&nbsp; </TD>
     <TD align=left width="11%">&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="13%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="54%"><B><FONT face=sans-serif size=1>BACKLOG CONTINUITY SCHEDULE</FONT></B>&nbsp; </TD>
     <TD align=left width="11%">&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="13%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="54%">&nbsp; </TD>
     <TD align=right width="19%" colSpan=2><B><FONT face=sans-serif size=1>Three months ended</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="13%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>Nine months ended</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="54%"><I><FONT face=sans-serif size=1>(amounts in millions)</FONT></I>&nbsp; </TD>
     <TD align=right width="19%" colSpan=2><B><FONT face=sans-serif size=1>December 31, 2006</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="13%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>December 31, 2006</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="54%"><FONT face=sans-serif size=1>Backlog, beginning of period</FONT>&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="8%"><FONT face=sans-serif size=1>313.2</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="13%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>284.4</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="54%"><FONT face=sans-serif size=1>+ orders for the period</FONT>&nbsp; </TD>
     <TD align=left width="11%">&nbsp; </TD>
     <TD align=right width="8%"><FONT face=sans-serif size=1>106.7</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="13%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>293.3</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="54%"><FONT face=sans-serif size=1>- revenue for the period</FONT>&nbsp; </TD>
     <TD align=left width="11%">&nbsp; </TD>
     <TD align=right width="8%"><FONT face=sans-serif size=1>(92.1</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD>
     <TD align=left width="13%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>(250.5</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="54%"><FONT face=sans-serif size=1>+/- adjustments</FONT>&nbsp; </TD>
     <TD align=left width="11%">&nbsp; </TD>
     <TD align=right width="8%"><FONT face=sans-serif size=1>12.2</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="13%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>12.8</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="54%"><FONT face=sans-serif size=1>Backlog, end of period</FONT>&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="8%"><FONT face=sans-serif size=1>340.0</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="13%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>340.0</FONT> </TD>
     <TD align=left width="2%">&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=2>This quarter&#146;s book-to-sales ratio was 1.2x. The ratio for the last 12 months was 1.1x.</FONT></P>
<P align=left><FONT face=sans-serif size=2>TRAINING &amp; SERVICES/CIVIL </FONT></P>
<P align=left><FONT face=sans-serif size=2>TS/C was awarded over $95 million in contracts this quarter.</FONT></P>
<UL>
<LI><FONT face=sans-serif size=2>Nearly $70 million in new business opportunities were announced or initiated at the NBAA convention.</FONT>
<LI><FONT face=sans-serif size=2>Since the end of the quarter, we announced our plans to open CAE&#146;s first Indian flight training centre</FONT> <FONT face=sans-serif size=2>in Bangalore.</FONT> </LI></UL>
<P align=left><B><FONT face=sans-serif size=1>1 8 __ C A E 2 0 0 7 Q 3 R E P O R T</FONT></B></P>
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<P align=right><B><FONT face=sans-serif size=1>M A N A G E M E N T &#146; S D I S C U S S I O N A N D A N A L Y S I S</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>EXPANSION AND NEW INITIATIVES</FONT></P>
<UL>
<LI><FONT face=sans-serif size=2>This quarter we completed the expansion of our UK Training Centre, bringing the total number of</FONT> <FONT face=sans-serif size=2>simulator bays to eight.</FONT>
<LI><FONT face=sans-serif size=2>We also received our certificate of occupancy for our new North East Training Centre for our business</FONT> <FONT face=sans-serif size=2>aviation operation in Morristown, NJ. The centre will start operating in the fourth quarter.</FONT>
<LI><FONT face=sans-serif size=2>These two locations will offer factory-authorized training for the new Dassault 7X aircraft program, as</FONT> <FONT face=sans-serif size=2>well as the Dassault 900 and 2000 EASy aircraft platforms. We installed four new simulators in the</FONT> <FONT face=sans-serif size=2>training centres, and expect to start training on the EASy platforms by the end of fiscal 2007.</FONT>
<LI><FONT face=sans-serif size=2>We signed an agreement with Embraer to form a global training joint venture, which will provide</FONT> <FONT face=sans-serif size=2>comprehensive pilot and ground crew training to Embraer customers of the Phenom 100 VLJ and</FONT> <FONT face=sans-serif size=2>Phenom 300 LJ aircraft. Under the terms of agreement, the joint venture will provide entitlement</FONT> <FONT face=sans-serif size=2>training and post-entitlement training for pilots, maintenance technicians and dispatcher personnel.</FONT><BR>
<FONT face=sans-serif size=2>This is our first training program for the VLJ and LJ markets.</FONT>
<LI><FONT face=sans-serif size=2>In 2001, we entered into a revenue sharing arrangement with Emirates Airline. On October 4, 2006,</FONT> <FONT face=sans-serif size=2>we and Emirates Airline decided to strengthen the partnership by transforming the teaming agreement</FONT> <FONT face=sans-serif size=2>into a 50/50 joint venture company. The two parties have agreed to transfer their existing Dubai flight</FONT> <FONT face=sans-serif size=2>training assets to the company, be entitled to equal profits, losses and dividends of the business, and</FONT> <FONT face=sans-serif size=2>will share equally in managing the operating, financing and investing activities of Emirates-CAE Flight</FONT> <FONT face=sans-serif size=2>Training Center (ECFT).</FONT>
<LI><FONT face=sans-serif size=2>We are starting to see the benefits of our wet services (full services training) and pilot supply initiatives</FONT> <FONT face=sans-serif size=2>as they translate into a progressive shift in our revenue mix. The strategy also allows us to expand our</FONT> <FONT face=sans-serif size=2>product offering and enhance our value proposition to our customers.</FONT> </LI></UL>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD align=left width="36%"><B><FONT face=sans-serif size=1>FINANCIAL RESULTS</FONT></B>&nbsp; </TD>
     <TD align=left width="3%">&nbsp; </TD>
     <TD align=left width="10%">&nbsp; </TD>
     <TD align=left width="13%">&nbsp; </TD>
     <TD align=left width="13%">&nbsp; </TD>
     <TD align=left width="13%">&nbsp; </TD>
     <TD align=left width="9%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="36%"><I><FONT face=sans-serif size=1>(amounts in millions, except operating margins,</FONT></I>&nbsp; </TD>
     <TD align=left width="3%">&nbsp; </TD>
     <TD align=left width="10%">&nbsp; </TD>
     <TD align=left width="13%">&nbsp; </TD>
     <TD align=left width="13%">&nbsp; </TD>
     <TD align=left width="13%">&nbsp; </TD>
     <TD align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="36%"><I><FONT face=sans-serif size=1>RSEU and FFSs deployed)</FONT></I>&nbsp; </TD>
     <TD align=left width="3%">&nbsp; </TD>
     <TD align=right width="10%"><B><FONT face=sans-serif size=1>Q3-2007</FONT></B>&nbsp; </TD>
     <TD align=right width="13%"><FONT face=sans-serif size=1>Q2-2007</FONT>&nbsp; </TD>
     <TD align=right width="13%"><FONT face=sans-serif size=1>Q1-2007</FONT>&nbsp; </TD>
     <TD align=right width="13%"><FONT face=sans-serif size=1>Q4-2006</FONT>&nbsp; </TD>
     <TD align=right width="9%"><FONT face=sans-serif size=1>Q3-2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="36%"><FONT face=sans-serif size=1>Revenue</FONT>&nbsp; </TD>
     <TD align=left width="3%"><B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="10%"><B><FONT face=sans-serif size=1>83.1</FONT></B>&nbsp; </TD>
     <TD align=right width="13%"><FONT face=sans-serif size=1>78.4</FONT>&nbsp; </TD>
     <TD align=right width="13%"><FONT face=sans-serif size=1>83.7</FONT>&nbsp; </TD>
     <TD align=right width="13%"><FONT face=sans-serif size=1>81.1</FONT>&nbsp; </TD>
     <TD align=right width="9%"><FONT face=sans-serif size=1>78.0</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="36%"><FONT face=sans-serif size=1>Segment operating income</FONT>&nbsp; </TD>
     <TD align=left width="3%"><B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="10%"><B><FONT face=sans-serif size=1>13.5</FONT></B>&nbsp; </TD>
     <TD align=right width="13%"><FONT face=sans-serif size=1>11.2</FONT>&nbsp; </TD>
     <TD align=right width="13%"><FONT face=sans-serif size=1>18.3</FONT>&nbsp; </TD>
     <TD align=right width="13%"><FONT face=sans-serif size=1>14.9</FONT>&nbsp; </TD>
     <TD align=right width="9%"><FONT face=sans-serif size=1>14.1</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="36%"><I><FONT face=sans-serif size=1>Operating margins</FONT></I>&nbsp; </TD>
     <TD align=left width="3%"><B><I><FONT face=sans-serif size=1>%</FONT></I></B>&nbsp; </TD>
     <TD align=right width="10%"><B><I><FONT face=sans-serif size=1>16.2</FONT></I></B>&nbsp; </TD>
     <TD align=right width="13%"><I><FONT face=sans-serif size=1>14.3</FONT></I>&nbsp; </TD>
     <TD align=right width="13%"><I><FONT face=sans-serif size=1>21.9</FONT></I>&nbsp; </TD>
     <TD align=right width="13%"><I><FONT face=sans-serif size=1>18.4</FONT></I>&nbsp; </TD>
     <TD align=right width="9%"><I><FONT face=sans-serif size=1>18.1</FONT></I>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="36%"><FONT face=sans-serif size=1>Amortization &amp; depreciation</FONT>&nbsp; </TD>
     <TD align=left width="3%"><B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="10%"><B><FONT face=sans-serif size=1>11.8</FONT></B>&nbsp; </TD>
     <TD align=right width="13%"><FONT face=sans-serif size=1>10.7</FONT>&nbsp; </TD>
     <TD align=right width="13%"><FONT face=sans-serif size=1>10.6</FONT>&nbsp; </TD>
     <TD align=right width="13%"><FONT face=sans-serif size=1>10.7</FONT>&nbsp; </TD>
     <TD align=right width="9%"><FONT face=sans-serif size=1>11.8</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="36%"><FONT face=sans-serif size=1>Capital expenditures</FONT>&nbsp; </TD>
     <TD align=left width="3%"><B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="10%"><B><FONT face=sans-serif size=1>32.5</FONT></B>&nbsp; </TD>
     <TD align=right width="13%"><FONT face=sans-serif size=1>30.1</FONT>&nbsp; </TD>
     <TD align=right width="13%"><FONT face=sans-serif size=1>17.8</FONT>&nbsp; </TD>
     <TD align=right width="13%"><FONT face=sans-serif size=1>21.3</FONT>&nbsp; </TD>
     <TD align=right width="9%"><FONT face=sans-serif size=1>41.0</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="36%"><FONT face=sans-serif size=1>Capital employed</FONT>&nbsp; </TD>
     <TD align=left width="3%"><B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="10%"><B><FONT face=sans-serif size=1>714.8</FONT></B>&nbsp; </TD>
     <TD align=right width="13%"><FONT face=sans-serif size=1>639.6</FONT>&nbsp; </TD>
     <TD align=right width="13%"><FONT face=sans-serif size=1>618.7</FONT>&nbsp; </TD>
     <TD align=right width="13%"><FONT face=sans-serif size=1>614.9</FONT>&nbsp; </TD>
     <TD align=right width="9%"><FONT face=sans-serif size=1>610.3</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="36%"><FONT face=sans-serif size=1>Backlog</FONT>&nbsp; </TD>
     <TD align=left width="3%"><B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="10%"><B><FONT face=sans-serif size=1>905.6</FONT></B>&nbsp; </TD>
     <TD align=right width="13%"><FONT face=sans-serif size=1>842.9</FONT>&nbsp; </TD>
     <TD align=right width="13%"><FONT face=sans-serif size=1>817.6</FONT>&nbsp; </TD>
     <TD align=right width="13%"><FONT face=sans-serif size=1>809.0</FONT>&nbsp; </TD>
     <TD align=right width="9%"><FONT face=sans-serif size=1>805.2</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="36%"><FONT face=sans-serif size=1>RSEU</FONT><SUP><FONT face=sans-serif size=1>5</FONT></SUP>&nbsp; </TD>
     <TD align=left width="3%">&nbsp; </TD>
     <TD align=right width="10%"><B><FONT face=sans-serif size=1>97</FONT></B>&nbsp; </TD>
     <TD align=right width="13%"><FONT face=sans-serif size=1>99</FONT>&nbsp; </TD>
     <TD align=right width="13%"><FONT face=sans-serif size=1>98</FONT>&nbsp; </TD>
     <TD align=right width="13%"><FONT face=sans-serif size=1>95</FONT>&nbsp; </TD>
     <TD align=right width="9%"><FONT face=sans-serif size=1>100</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="36%"><FONT face=sans-serif size=1>FFSs deployed</FONT>&nbsp; </TD>
     <TD align=left width="3%">&nbsp; </TD>
     <TD align=right width="10%"><B><FONT face=sans-serif size=1>110</FONT></B>&nbsp; </TD>
     <TD align=right width="13%"><FONT face=sans-serif size=1>110</FONT>&nbsp; </TD>
     <TD align=right width="13%"><FONT face=sans-serif size=1>110</FONT>&nbsp; </TD>
     <TD align=right width="13%"><FONT face=sans-serif size=1>109</FONT>&nbsp; </TD>
     <TD align=right width="9%"><FONT face=sans-serif size=1>108</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" 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 the stock-based compensation expense (EIC-162).</FONT></P>
<P align=left><FONT face=sans-serif size=2>REVENUE FOR THE QUARTER TOTALLED $83.1 MILLION, AN INCREASE OF 6% OVER LAST QUARTER Revenue in the TS/C segment was $83.1 million, compared to $78.4 million last quarter and $78.0 million for the same period last year. The 6% increase from last quarter was mainly because of 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><B><FONT face=sans-serif size=1>NOTES</FONT></B></P>
<P align=left><SUP><FONT face=sans-serif size=1>5 </FONT></SUP><FONT face=sans-serif size=1>Revenue simulator equivalent unit (RSEU) is a non-GAAP measure that shows us the sum of the FFSs that were available to generate revenue during the period. For example, in the case of a 50/50 flight training joint venture, we will report only a 50% of the FFSs deployed under this joint venture as RSEUs. If an FFS is being powered down and relocated, it will not be included as an RSEU until the FFS is re-installed and available to generate revenue.</FONT></P>
<P align=right><B><FONT face=sans-serif size=1>C A E 2 0 0 7 Q 3 R E P O R T __ 1 9</FONT></B></P>
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<P align="left">
<B><FONT size=1 face="sans-serif">M A N A G E M E N T &#146; S D I S C U S S I O N A N D A N A L Y S I S</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">There continued to be strong demand in our training centres, reflecting the healthy state of the aerospace industry. Revenue year to date is &#36;245.2 million, or 2% higher than the same
period last year, despite a concurrent increase of over 6% in the value of the Canadian dollar against the US dollar, and of over 2% increase against the euro and the British pound, which reduced revenue by approximately &#36;11 million.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">SEGMENT OPERATING INCOME UP 21% OVER LAST QUARTER</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Segment operating income increased 21% this quarter to &#36;13.5 million (16.2% of revenue), compared to &#36;11.2 million (14.3% of revenue) in the second quarter and &#36;14.1 million (18.1% of revenue) in the same
period last year. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">While our civil training business showed increased operational strength, margins in the quarter were impacted by additional costs associated with the expansion, consolidation and
construction of our training centres. Additional expenses arose from our need to buy simulation time from third parties to address robust training demand with minimal inconvenience to our customers. Also for the same period last year, we benefited
from a non-recurring gain of &#36;1.8 million following the disposal of FFSs. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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">CAPITAL EMPLOYED INCREASED OVER LAST QUARTER</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Capital employed was higher mainly because of the formalization of the ECFT joint venture, increase in our capital spending on various investments that exceeded our amortization and depreciation expenses for the
quarter, an increase in our working capital and foreign exchange impact.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">CAPITAL EXPENDITURES AT &#36;32.5 MILLION THIS QUARTER </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Capital expenditures were higher this quarter mostly because of the ongoing investment in the Dassault Falcon 7X training program, our expansion and conversion of the Burgess Hill (UK) and Madrid training centres, and
new simulators that will be added to our network in fiscal 2007 and 2008.</FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=48%>
<FONT size=2 face="sans-serif">BACKLOG UP BY 7% OVER LAST QUARTER</FONT>&nbsp;
	</TD>
	<TD align=left width=14%>
&nbsp;
	</TD>
	<TD align=left width=11%>

	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=left width=13%>
&nbsp;
	</TD>
	<TD align=left width=6%>

	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=48%>
<B><FONT size=1 face="sans-serif">BACKLOG CONTINUITY SCHEDULE</FONT></B>&nbsp;
	</TD>
	<TD align=left width=14%>
&nbsp;
	</TD>
	<TD align=left width=11%>

	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=left width=13%>
&nbsp;
	</TD>
	<TD align=left width=6%>

	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=48%>
&nbsp;
	</TD>
	<TD align=left width=14%>
&nbsp;
	</TD>
	<TD align=right width=11%>
<B><FONT size=1 face="sans-serif">Three months ended</FONT></B>
	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=left width=13%>
&nbsp;
	</TD>
	<TD align=right width=6%>
<B><FONT size=1 face="sans-serif">Nine months ended</FONT></B>
	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=48%>
<I><FONT size=1 face="sans-serif">(amounts in millions)</FONT></I>&nbsp;
	</TD>
	<TD align=left width=14%>
&nbsp;
	</TD>
	<TD align=right width=11%>
<B><FONT size=1 face="sans-serif">December 31, 2006</FONT></B>
	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=left width=13%>
&nbsp;
	</TD>
	<TD align=right width=6%>
<B><FONT size=1 face="sans-serif">December 31, 2006</FONT></B>
	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=48%>
<FONT size=1 face="sans-serif">Backlog, beginning of period</FONT>&nbsp;
	</TD>
	<TD align=right width=14%>
<FONT size=1 face="sans-serif">&#36;</FONT>&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=1 face="sans-serif">842.9</FONT>
	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=left width=13%>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">&#36;</FONT>&nbsp;
	</TD>
	<TD align=right width=6%>
<FONT size=1 face="sans-serif">809.0</FONT>
	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=48%>
<FONT size=1 face="sans-serif">+ orders for the period</FONT>&nbsp;
	</TD>
	<TD align=left width=14%>
&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=1 face="sans-serif">95.6</FONT>
	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=left width=13%>
&nbsp;
	</TD>
	<TD align=right width=6%>
<FONT size=1 face="sans-serif">309.6</FONT>
	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=48%>
<FONT size=1 face="sans-serif">- revenue for the period</FONT>&nbsp;
	</TD>
	<TD align=left width=14%>
&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=1 face="sans-serif">(83.1</FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
	</TD>
	<TD align=left width=13%>
&nbsp;
	</TD>
	<TD align=right width=6%>
<FONT size=1 face="sans-serif">(245.2</FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=48%>
<FONT size=1 face="sans-serif">+/- adjustments (mainly FX)</FONT>&nbsp;
	</TD>
	<TD align=left width=14%>
&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=1 face="sans-serif">50.2</FONT>
	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=left width=13%>
&nbsp;
	</TD>
	<TD align=right width=6%>
<FONT size=1 face="sans-serif">32.2</FONT>
	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=48%>
<FONT size=1 face="sans-serif">Backlog, end of period</FONT>&nbsp;
	</TD>
	<TD align=right width=14%>
<FONT size=1 face="sans-serif">&#36;</FONT>&nbsp;
	</TD>
	<TD align=right width=11%>
<FONT size=1 face="sans-serif">905.6</FONT>
	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
	<TD align=left width=13%>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">&#36;</FONT>&nbsp;
	</TD>
	<TD align=right width=6%>
<FONT size=1 face="sans-serif">905.6</FONT>
	</TD>
	<TD align=left width=2%>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
<HR noshade size=1>
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=2 face="sans-serif">This quarter&#146;s book-to-sales ratio was 1.2x. The ratio for the last 12 months was 1.2x.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Our plan is to increase the number of RSEU in our network by an average of about 10% per year in order to maintain our position and address new market opportunities. We are developing our
training network to address primarily the long term, steady stream of recurrent training. By building our business that way, we will be less dependent on new aircraft deliveries to drive revenues. We expect these new simulators to begin impacting
training revenues in fiscal year 2009.</FONT></P>
<P align="left">
<B><FONT size=1 face="sans-serif">2 0 __ C A E 2 0 0 7 Q 3 R E P O R T</FONT></B></P>

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


<!--$$/page=-->
<A name="page_23"></A>
<P align=right><B><FONT face=sans-serif size=1>M A N A G E M E N T &#146; S D I S C U S S I O N A N D A N A L Y S I S</FONT></B></P>
<P align=left><B><FONT face=sans-serif>5.2 MILITARY SEGMENTS</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>SIMULATION PRODUCTS/MILITARY</FONT></P>
<P align=left><FONT face=sans-serif size=2>SP/M was awarded $59.7 million of orders this quarter:</FONT></P>
<UL>
<LI><FONT face=sans-serif size=2>One P-3C Operational Tactics Trainer (OTT) for the German Navy</FONT>
<LI><FONT face=sans-serif size=2>One UH-145 cockpit procedural trainer (CPT) for the US Army</FONT>
<LI><FONT face=sans-serif size=2>The design and development of an upgrade for the British Army&#146;s Warrior Operational Platform Vehicle (OPV)</FONT>
<LI><FONT face=sans-serif size=2>The design and development of various upgrades for the German Air Force&#146;s Tornado simulators.</FONT> </LI></UL>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD align=left width="36%"><B><FONT face=sans-serif size=1>FINANCIAL RESULTS</FONT></B>&nbsp; </TD>
     <TD align=left width="3%">&nbsp; </TD>
     <TD align=left width="10%">&nbsp; </TD>
     <TD align=left width="13%">&nbsp; </TD>
     <TD align=left width="16%">&nbsp; </TD>
     <TD align=left width="9%">&nbsp; </TD>
     <TD align=left width="9%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="36%"><I><FONT face=sans-serif size=1>(amounts in millions, except operating margins)</FONT></I>&nbsp; </TD>
     <TD align=left width="3%">&nbsp; </TD>
     <TD align=right width="10%"><B><FONT face=sans-serif size=1>Q3-2007</FONT></B>&nbsp; </TD>
     <TD align=right width="13%"><FONT face=sans-serif size=1>Q2-2007</FONT>&nbsp; </TD>
     <TD align=right width="16%"><FONT face=sans-serif size=1>Q1-2007</FONT>&nbsp; </TD>
     <TD align=right width="9%"><FONT face=sans-serif size=1>Q4-2006</FONT>&nbsp; </TD>
     <TD align=right width="9%"><FONT face=sans-serif size=1>Q3-2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="36%"><FONT face=sans-serif size=1>Revenue</FONT>&nbsp; </TD>
     <TD align=left width="3%"><B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="10%"><B><FONT face=sans-serif size=1>105.2</FONT></B>&nbsp; </TD>
     <TD align=right width="13%"><FONT face=sans-serif size=1>64.3</FONT>&nbsp; </TD>
     <TD align=right width="16%"><FONT face=sans-serif size=1>95.8</FONT>&nbsp; </TD>
     <TD align=right width="9%"><FONT face=sans-serif size=1>77.5</FONT>&nbsp; </TD>
     <TD align=right width="9%"><FONT face=sans-serif size=1>82.8</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="36%"><FONT face=sans-serif size=1>Segment operating income</FONT>&nbsp; </TD>
     <TD align=left width="3%"><B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="10%"><B><FONT face=sans-serif size=1>11.2</FONT></B>&nbsp; </TD>
     <TD align=right width="13%"><FONT face=sans-serif size=1>7.3</FONT>&nbsp; </TD>
     <TD align=right width="16%"><FONT face=sans-serif size=1>11.1</FONT>&nbsp; </TD>
     <TD align=right width="9%"><FONT face=sans-serif size=1>6.8</FONT>&nbsp; </TD>
     <TD align=right width="9%"><FONT face=sans-serif size=1>6.2</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="36%"><I><FONT face=sans-serif size=1>Operating margins</FONT></I>&nbsp; </TD>
     <TD align=left width="3%"><B><I><FONT face=sans-serif size=1>%</FONT></I></B>&nbsp; </TD>
     <TD align=right width="10%"><B><I><FONT face=sans-serif size=1>10.6</FONT></I></B>&nbsp; </TD>
     <TD align=right width="13%"><I><FONT face=sans-serif size=1>11.4</FONT></I>&nbsp; </TD>
     <TD align=right width="16%"><I><FONT face=sans-serif size=1>11.6</FONT></I>&nbsp; </TD>
     <TD align=right width="9%"><I><FONT face=sans-serif size=1>8.8</FONT></I>&nbsp; </TD>
     <TD align=right width="9%"><I><FONT face=sans-serif size=1>7.5</FONT></I>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="36%"><FONT face=sans-serif size=1>Amortization &amp; depreciation</FONT>&nbsp; </TD>
     <TD align=left width="3%"><B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="10%"><B><FONT face=sans-serif size=1>1.9</FONT></B>&nbsp; </TD>
     <TD align=right width="13%"><FONT face=sans-serif size=1>2.3</FONT>&nbsp; </TD>
     <TD align=right width="16%"><FONT face=sans-serif size=1>2.2</FONT>&nbsp; </TD>
     <TD align=right width="9%"><FONT face=sans-serif size=1>5.9</FONT>&nbsp; </TD>
     <TD align=right width="9%"><FONT face=sans-serif size=1>3.1</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="36%"><FONT face=sans-serif size=1>Capital expenditures</FONT>&nbsp; </TD>
     <TD align=left width="3%"><B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="10%"><B><FONT face=sans-serif size=1>1.5</FONT></B>&nbsp; </TD>
     <TD align=right width="13%"><FONT face=sans-serif size=1>0.9</FONT>&nbsp; </TD>
     <TD align=right width="16%"><FONT face=sans-serif size=1>1.3</FONT>&nbsp; </TD>
     <TD align=right width="9%"><FONT face=sans-serif size=1>3.0</FONT>&nbsp; </TD>
     <TD align=right width="9%"><FONT face=sans-serif size=1>1.1</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="36%"><FONT face=sans-serif size=1>Capital employed</FONT>&nbsp; </TD>
     <TD align=left width="3%"><B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="10%"><B><FONT face=sans-serif size=1>34.7</FONT></B>&nbsp; </TD>
     <TD align=right width="13%"><FONT face=sans-serif size=1>57.7</FONT>&nbsp; </TD>
     <TD align=right width="16%"><FONT face=sans-serif size=1>48.0</FONT>&nbsp; </TD>
     <TD align=right width="9%"><FONT face=sans-serif size=1>49.3</FONT>&nbsp; </TD>
     <TD align=right width="9%"><FONT face=sans-serif size=1>61.7</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="36%"><FONT face=sans-serif size=1>Backlog</FONT>&nbsp; </TD>
     <TD align=left width="3%"><B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="10%"><B><FONT face=sans-serif size=1>609.0</FONT></B>&nbsp; </TD>
     <TD align=right width="13%"><FONT face=sans-serif size=1>626.3</FONT>&nbsp; </TD>
     <TD align=right width="16%"><FONT face=sans-serif size=1>475.2</FONT>&nbsp; </TD>
     <TD align=right width="9%"><FONT face=sans-serif size=1>540.5</FONT>&nbsp; </TD>
     <TD align=right width="9%"><FONT face=sans-serif size=1>453.0</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="78%" colSpan=5><FONT face=sans-serif size=1>Comparable periods have been restated to reflect a change in the stock-based compensation expense (EIC-162).</FONT>&nbsp; </TD>
     <TD align=left width="9%">&nbsp; </TD>
     <TD align=left width="9%">&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>REVENUE UP BY 64% OVER LAST QUARTER AND BY 27% YEAR OVER YEAR The increase over last quarter and year over year was mainly because of:</FONT></P>
<UL>
<LI><FONT face=sans-serif size=2>Higher activity on some European programs, particularly the Eurofighter program for which we are</FONT> <FONT face=sans-serif size=2>delivering visual systems on training devices for the United Kingdom, Germany, Italy and Spain, the</FONT> <FONT face=sans-serif size=2>four original Eurofighter partner nations</FONT>
<LI><FONT face=sans-serif size=2>High level of orders in the second quarter, which generated a high level of activity, particularly in the</FONT> <FONT face=sans-serif size=2>United States</FONT>
<LI><FONT face=sans-serif size=2>The depreciation of the Canadian dollar against the euro, the British pound and the US dollar.</FONT> <FONT face=sans-serif size=2>Revenue year to date is $265.3 million, 6% or $15.4 million higher than the same period last year.</FONT> </LI></UL>
<P align=left><FONT face=sans-serif size=2>SEGMENT OPERATING INCOME UP BY 53% OVER LAST QUARTER AND BY 81% YEAR OVER YEAR</FONT></P>
<P align=left><FONT face=sans-serif size=2>The increase over last quarter and year over year was mainly because of higher revenue as explained above. The operating margins have improved year over year mainly because of contributions by Investissement Qu&#233;bec to Project Phoenix, and lower amortization and depreciation expenses.</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>Segment operating income for the first nine months of the year was $29.6 million, 47% or $9.4 million higher than the same period last year.</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD align=left width="54%"><FONT face=sans-serif size=2>CAPITAL EMPLOYED DECREASED OVER LAST QUARTER</FONT>&nbsp; </TD>
     <TD align=left width="12%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="13%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="73%" colSpan=3><FONT face=sans-serif size=2>The decrease this quarter was mainly because of lower working capital.</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="13%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="54%"><FONT face=sans-serif size=2>BACKLOG DOWN BY 3% OVER LAST QUARTER</FONT>&nbsp; </TD>
     <TD align=left width="12%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="13%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="54%"><B><FONT face=sans-serif size=1>BACKLOG CONTINUITY SCHEDULE</FONT></B>&nbsp; </TD>
     <TD align=left width="12%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="13%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="54%">&nbsp; </TD>
     <TD align=right width="19%" colSpan=2><B><FONT face=sans-serif size=1>Three months ended</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="13%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>Nine months ended</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="54%"><I><FONT face=sans-serif size=1>(amounts in millions)</FONT></I>&nbsp; </TD>
     <TD align=right width="19%" colSpan=2><B><FONT face=sans-serif size=1>December 31, 2006</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="13%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>December 31, 2006</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="54%"><FONT face=sans-serif size=1>Backlog, beginning of period</FONT>&nbsp; </TD>
     <TD align=right width="12%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>626.3</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="13%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>540.5</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="54%"><FONT face=sans-serif size=1>+ orders for the period</FONT>&nbsp; </TD>
     <TD align=right width="12%">&nbsp; </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>59.7</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="13%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>302.8</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="54%"><FONT face=sans-serif size=1>- revenue for the period</FONT>&nbsp; </TD>
     <TD align=right width="12%">&nbsp; </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>(105.2</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD>
     <TD align=right width="13%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>(265.3</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="54%"><FONT face=sans-serif size=1>+/- adjustments (mainly FX)</FONT>&nbsp; </TD>
     <TD align=right width="12%">&nbsp; </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>28.2</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="13%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>31.0</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="54%"><FONT face=sans-serif size=1>Backlog, end of period</FONT>&nbsp; </TD>
     <TD align=right width="12%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>609.0</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="13%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>609.0</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=right><B><FONT face=sans-serif size=1>C A E 2 0 0 7 Q 3 R E P O R T __ 2 1</FONT></B></P>
<HR align=center width="100%" noShade SIZE=2>


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<A name="page_24"></A>

<P align="left">
<B><FONT size=1 face="sans-serif">M A N A G E M E N T &#146; S D I S C U S S I O N A N D A N A L Y S I S</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">This quarter&#146;s book-to-sales ratio was 0.6x, reflecting variability of order inflow in this segment. The ratio for the last 12 months was 1.3x.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">TRAINING &amp; SERVICES/MILITARY</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">TS/M was awarded the following contracts this quarter:</FONT></P>
<UL>
<LI>
<FONT size=2 face="sans-serif">Training and maintenance support services for the US Air Force C-130J, C-130E/H and Predator</FONT> <FONT size=2 face="sans-serif">Remote Operated Aircraft (ROA) programs</FONT></LI>
<LI>
<FONT size=2 face="sans-serif">Renewal of a yearly maintenance service contract for various German bases</FONT></LI>
<LI>
<FONT size=2 face="sans-serif">Engineering development services to support a range of new homeland security initiatives across Canada.</FONT></LI>
</UL>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=36%>
<B><FONT size=1 face="sans-serif">FINANCIAL RESULTS</FONT></B>&nbsp;
	</TD>
	<TD align=left width=3%>
&nbsp;
	</TD>
	<TD align=left width=10%>
&nbsp;
	</TD>
	<TD align=left width=13%>
&nbsp;
	</TD>
	<TD align=left width=13%>
&nbsp;
	</TD>
	<TD align=left width=13%>
&nbsp;
	</TD>
	<TD align=left width=9%>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=36%>
<I><FONT size=1 face="sans-serif">(amounts in millions, except operating margins)</FONT></I>&nbsp;
	</TD>
	<TD align=left width=3%>
&nbsp;
	</TD>
	<TD align=right width=10%>
<B><FONT size=1 face="sans-serif">Q3-2007</FONT></B>&nbsp;
	</TD>
	<TD align=right width=13%>
<FONT size=1 face="sans-serif">Q2-2007</FONT>&nbsp;
	</TD>
	<TD align=right width=13%>
<FONT size=1 face="sans-serif">Q1-2007</FONT>&nbsp;
	</TD>
	<TD align=right width=13%>
<FONT size=1 face="sans-serif">Q4-2006</FONT>&nbsp;
	</TD>
	<TD align=right width=9%>
<FONT size=1 face="sans-serif">Q3-2006</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=36%>
<FONT size=1 face="sans-serif">Revenue</FONT>&nbsp;
	</TD>
	<TD align=left width=3%>
<B><FONT size=1 face="sans-serif">&#36;</FONT></B>&nbsp;
	</TD>
	<TD align=right width=10%>
<B><FONT size=1 face="sans-serif">50.8</FONT></B>&nbsp;
	</TD>
	<TD align=right width=13%>
<FONT size=1 face="sans-serif">53.5</FONT>&nbsp;
	</TD>
	<TD align=right width=13%>
<FONT size=1 face="sans-serif">48.1</FONT>&nbsp;
	</TD>
	<TD align=right width=13%>
<FONT size=1 face="sans-serif">47.7</FONT>&nbsp;
	</TD>
	<TD align=right width=9%>
<FONT size=1 face="sans-serif">52.8</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=36%>
<FONT size=1 face="sans-serif">Segment operating income</FONT>&nbsp;
	</TD>
	<TD align=left width=3%>
<B><FONT size=1 face="sans-serif">&#36;</FONT></B>&nbsp;
	</TD>
	<TD align=right width=10%>
<B><FONT size=1 face="sans-serif">6.8</FONT></B>&nbsp;
	</TD>
	<TD align=right width=13%>
<FONT size=1 face="sans-serif">9.3</FONT>&nbsp;
	</TD>
	<TD align=right width=13%>
<FONT size=1 face="sans-serif">11.5</FONT>&nbsp;
	</TD>
	<TD align=right width=13%>
<FONT size=1 face="sans-serif">3.2</FONT>&nbsp;
	</TD>
	<TD align=right width=9%>
<FONT size=1 face="sans-serif">8.4</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=36%>
<I><FONT size=1 face="sans-serif">Operating margins</FONT></I>&nbsp;
	</TD>
	<TD align=left width=3%>
<B><I><FONT size=1 face="sans-serif">%</FONT></I></B>&nbsp;
	</TD>
	<TD align=right width=10%>
<B><I><FONT size=1 face="sans-serif">13.4</FONT></I></B>&nbsp;
	</TD>
	<TD align=right width=13%>
<I><FONT size=1 face="sans-serif">17.4</FONT></I>&nbsp;
	</TD>
	<TD align=right width=13%>
<I><FONT size=1 face="sans-serif">23.9</FONT></I>&nbsp;
	</TD>
	<TD align=right width=13%>
<I><FONT size=1 face="sans-serif">6.7</FONT></I>&nbsp;
	</TD>
	<TD align=right width=9%>
<I><FONT size=1 face="sans-serif">15.9</FONT></I>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=36%>
<FONT size=1 face="sans-serif">Amortization &amp; depreciation</FONT>&nbsp;
	</TD>
	<TD align=left width=3%>
<B><FONT size=1 face="sans-serif">&#36;</FONT></B>&nbsp;
	</TD>
	<TD align=right width=10%>
<B><FONT size=1 face="sans-serif">1.7</FONT></B>&nbsp;
	</TD>
	<TD align=right width=13%>
<FONT size=1 face="sans-serif">1.8</FONT>&nbsp;
	</TD>
	<TD align=right width=13%>
<FONT size=1 face="sans-serif">1.5</FONT>&nbsp;
	</TD>
	<TD align=right width=13%>
<FONT size=1 face="sans-serif">1.6</FONT>&nbsp;
	</TD>
	<TD align=right width=9%>
<FONT size=1 face="sans-serif">1.6</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=36%>
<FONT size=1 face="sans-serif">Capital expenditures</FONT>&nbsp;
	</TD>
	<TD align=left width=3%>
<B><FONT size=1 face="sans-serif">&#36;</FONT></B>&nbsp;
	</TD>
	<TD align=right width=10%>
<B><FONT size=1 face="sans-serif">7.8</FONT></B>&nbsp;
	</TD>
	<TD align=right width=13%>
<FONT size=1 face="sans-serif">6.4</FONT>&nbsp;
	</TD>
	<TD align=right width=13%>
<FONT size=1 face="sans-serif">13.4</FONT>&nbsp;
	</TD>
	<TD align=right width=13%>
<FONT size=1 face="sans-serif">15.5</FONT>&nbsp;
	</TD>
	<TD align=right width=9%>
<FONT size=1 face="sans-serif">1.5</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=36%>
<FONT size=1 face="sans-serif">Capital employed</FONT>&nbsp;
	</TD>
	<TD align=left width=3%>
<B><FONT size=1 face="sans-serif">&#36;</FONT></B>&nbsp;
	</TD>
	<TD align=right width=10%>
<B><FONT size=1 face="sans-serif">136.6</FONT></B>&nbsp;
	</TD>
	<TD align=right width=13%>
<FONT size=1 face="sans-serif">129.2</FONT>&nbsp;
	</TD>
	<TD align=right width=13%>
<FONT size=1 face="sans-serif">119.2</FONT>&nbsp;
	</TD>
	<TD align=right width=13%>
<FONT size=1 face="sans-serif">111.5</FONT>&nbsp;
	</TD>
	<TD align=right width=9%>
<FONT size=1 face="sans-serif">93.0</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=36%>
<FONT size=1 face="sans-serif">Backlog</FONT>&nbsp;
	</TD>
	<TD align=left width=3%>
<B><FONT size=1 face="sans-serif">&#36;</FONT></B>&nbsp;
	</TD>
	<TD align=right width=10%>
<B><FONT size=1 face="sans-serif">857.3</FONT></B>&nbsp;
	</TD>
	<TD align=right width=13%>
<FONT size=1 face="sans-serif">801.6</FONT>&nbsp;
	</TD>
	<TD align=right width=13%>
<FONT size=1 face="sans-serif">842.9</FONT>&nbsp;
	</TD>
	<TD align=right width=13%>
<FONT size=1 face="sans-serif">826.1</FONT>&nbsp;
	</TD>
	<TD align=right width=9%>
<FONT size=1 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 the stock-based compensation expense (EIC-162).</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">REVENUE DOWN BY 5% OVER LAST QUARTER AND BY 4% YEAR OVER YEAR</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">TS/M&#146;s activity level remains stable at around &#36;50 million this quarter. Revenue was lower quarter over quarter and year over year mainly because of lower activity on some North American support services
contracts, which was partly offset by the depreciation of the Canadian dollar against the euro, the British pound and the US dollar.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Revenue year to date is &#36;152.4 million, &#36;0.4 million lower than the same period last year.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">SEGMENT OPERATING INCOME DOWN BY 27% OVER LAST QUARTER AND BY 19% YEAR OVER YEAR The decrease from last quarter is mainly because of:</FONT></P>
<UL>
<LI>
<FONT size=2 face="sans-serif">Lower revenue as explained above</FONT></LI>
<LI>
<FONT size=2 face="sans-serif">Annual labour rate adjustments last quarter that related to US military contracts</FONT> <FONT size=2 face="sans-serif">The decrease year over year is mainly because of:</FONT></LI>
<LI>
<FONT size=2 face="sans-serif">Lower revenue as explained above</FONT></LI>
<LI>
<FONT size=2 face="sans-serif">A cost recovery in the third quarter of fiscal 2006 resulting from a rate negotiation with the Canadian government.</FONT> <FONT size=2 face="sans-serif">Segment operating income for the first nine months of the year
was &#36;27.6 million, which is 78% or</FONT></LI>
</UL>
<P align="left">
<FONT size=2 face="sans-serif">&#36;12.1 million higher than the same period last year. This is mainly because of the write-down of bid costs in the first quarter of last year, and a non-recurring payment and the licence of intellectual property
related to the Armoured Vehicle Training Service (AVTS) program in this year&#146;s first quarter.</FONT></P>
<P align="left">
<B><FONT size=1 face="sans-serif">2 2 __ C A E 2 0 0 7 Q 3 R E P O R T</FONT></B></P>

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


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<A name="page_25"></A>
<P align=right><B><FONT face=sans-serif size=1>M A N A G E M E N T &#146; S D I S C U S S I O N A N D A N A L Y S I S</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>CAPITAL EMPLOYED INCREASED OVER LAST QUARTER</FONT></P>
<P align=left><FONT face=sans-serif size=2>The increase this quarter was mainly because we invested capital to build training centres for the NH90 training program in Germany and the Rotorsim training centre in Italy, and we purchased a modelling and simulation company in Australia (see Note 2 to the third quarter 2007 financial statements). These investments were partly offset by lower working capital.</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD align=left width="48%"><FONT face=sans-serif size=2>BACKLOG UP BY 7% OVER LAST QUARTER</FONT>&nbsp; </TD>
     <TD align=left width="14%">&nbsp; </TD>
     <TD align=left width="11%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="13%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="48%"><B><FONT face=sans-serif size=1>BACKLOG CONTINUITY SCHEDULE</FONT></B>&nbsp; </TD>
     <TD align=left width="14%">&nbsp; </TD>
     <TD align=left width="11%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="13%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="48%">&nbsp; </TD>
     <TD align=left width="14%">&nbsp; </TD>
     <TD align=right width="11%"><B><FONT face=sans-serif size=1>Three months ended</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="13%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>Nine months 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=1>(amounts in millions)</FONT></I>&nbsp; </TD>
     <TD align=left width="14%">&nbsp; </TD>
     <TD align=right width="11%"><B><FONT face=sans-serif size=1>December 31, 2006</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="13%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>December 31, 2006</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="48%"><FONT face=sans-serif size=1>Backlog, beginning of period</FONT>&nbsp; </TD>
     <TD align=right width="14%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=1>801.6</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="13%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>826.1</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="48%"><FONT face=sans-serif size=1>+ orders for the period</FONT>&nbsp; </TD>
     <TD align=left width="14%">&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=1>65.0</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="13%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>139.1</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="48%"><FONT face=sans-serif size=1>- revenue for the period</FONT>&nbsp; </TD>
     <TD align=left width="14%">&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=1>(50.8</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD>
     <TD align=right width="13%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>(152.4</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="48%"><FONT face=sans-serif size=1>+/- adjustments (mainly FX)</FONT>&nbsp; </TD>
     <TD align=left width="14%">&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=1>41.5</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="13%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>44.5</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="48%"><FONT face=sans-serif size=1>Backlog, end of period</FONT>&nbsp; </TD>
     <TD align=right width="14%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="11%"><FONT face=sans-serif size=1>857.3</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="13%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>857.3</FONT> </TD>
     <TD align=left width="2%">&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=2>This quarter&#146;s book-to-sales ratio was 1.3x. The ratio for the last 12 months was 1.0x. </FONT></P>
<P align=left><FONT face=sans-serif size=2>Combined military book-to-sales ratio for the quarter was 0.8x, and 1.2x on a trailing 12-month basis.</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD align=left width="64%" colSpan=6><B><FONT face=sans-serif size=4>6 CONSOLIDATED CASH MOVEMENTS AND LIQUIDITY</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="5%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="42%"><B><FONT face=sans-serif size=1>CONSOLIDATED CASH MOVEMENTS</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="4%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="5%"></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="42%">&nbsp; </TD>
     <TD align=left width="3%">&nbsp; </TD>
     <TD align=right width="19%" colSpan=4><B><FONT face=sans-serif size=1>Three months ended</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="18%" colSpan=4><B><FONT face=sans-serif size=1>Nine months ended</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="42%">&nbsp; </TD>
     <TD align=left width="3%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="11%" colSpan=2><B><FONT face=sans-serif size=1>December 31</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="9%" colSpan=2><B><FONT face=sans-serif size=1>December 31</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="42%"><I><FONT face=sans-serif size=1>(amounts in millions)</FONT></I>&nbsp; </TD>
     <TD align=left width="3%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>2006</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>2005</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>2006</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>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="42%"><FONT face=sans-serif size=1>Cash provided by continuing operating activities*</FONT>&nbsp; </TD>
     <TD align=right width="3%"><B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>59.8</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>34.9</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>$</FONT></B> </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>178.5</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>111.3</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="42%"><FONT face=sans-serif size=1>Changes in non-cash working capital</FONT>&nbsp; </TD>
     <TD align=right width="3%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>18.9</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>55.9</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>(24.2</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>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="42%"><FONT face=sans-serif size=1>Net cash provided by continuing operations</FONT>&nbsp; </TD>
     <TD align=right width="3%"><B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>78.7</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>90.8</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>$</FONT></B> </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>154.3</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>166.4</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="42%"><FONT face=sans-serif size=1>Capital expenditures</FONT>&nbsp; </TD>
     <TD align=right width="9%" colSpan=2><B><FONT face=sans-serif size=1>(42.7</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>(45.6</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>(124.3</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>(87.8</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="42%"><FONT face=sans-serif size=1>Other capitalized costs</FONT>&nbsp; </TD>
     <TD align=right width="3%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>(6.5</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>(5.6</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>(7.6</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>(18.0</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="42%"><FONT face=sans-serif size=1>Cash dividends</FONT>&nbsp; </TD>
     <TD align=right width="3%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>(2.4</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>(2.4</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>(7.3</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>(7.2</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="42%"><FONT face=sans-serif size=1>Non-recourse financing</FONT>&nbsp; </TD>
     <TD align=right width="3%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>8.5</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>5.1</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>25.7</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>20.0</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="42%"><FONT face=sans-serif size=1>Free cash flow</FONT>&nbsp; </TD>
     <TD align=right width="3%"><B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>35.6</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>42.3</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>$</FONT></B> </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>40.8</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>73.4</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="42%"><FONT face=sans-serif size=1>Other cash movements, net</FONT>&nbsp; </TD>
     <TD align=left width="3%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>(0.7</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>4.0</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>(4.0</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>8.0</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="42%"><FONT face=sans-serif size=1>Business acquisition</FONT>&nbsp; </TD>
     <TD align=left width="3%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>(4.9</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>&#150;</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>(4.9</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>2.6</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="42%"><FONT face=sans-serif size=1>Non-recourse financing</FONT>&nbsp; </TD>
     <TD align=left width="3%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>(8.5</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>(5.1</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>(25.7</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>(20.0</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="42%"><FONT face=sans-serif size=1>Effect of foreign exchange rate changes on cash and cash equivalents</FONT>&nbsp; </TD>
     <TD align=left width="3%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>6.8</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>(2.1</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>4.9</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>(8.6</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="92%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="42%"><FONT face=sans-serif size=1>Net increase in cash before proceeds and</FONT>&nbsp; </TD>
     <TD align=left width="3%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="5%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="42%">&nbsp; &nbsp;<FONT face=sans-serif size=1>repayment of long-term debt</FONT>&nbsp; </TD>
     <TD align=right width="3%"><B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>28.3</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>39.1</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>$</FONT></B> </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>11.1</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>55.4</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="42%"><FONT face=sans-serif size=1>* before changes in non-cash working capital</FONT>&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="4%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="5%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR></TABLE><BR>
<P align=right><B><FONT face=sans-serif size=1>C A E 2 0 0 7 Q 3 R E P O R T __ 2 3</FONT></B></P>
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<A name="page_26"></A>

<P align="left">
<B><FONT size=1 face="sans-serif">M A N A G E M E N T &#146; S D I S C U S S I O N A N D A N A L Y S I S</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">FREE CASH FLOW</FONT><SUP><FONT size=2 face="sans-serif">6 </FONT></SUP><FONT size=2 face="sans-serif">UP &#36;24.9 MILLION FROM LAST QUARTER AND DOWN &#36;6.7 MILLION YEAR OVER YEAR</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">The increase over last quarter was mainly attributable to net cash from continuing operations increasing by &#36;35.1 million from last quarter, caused by reduced investment in non-cash working capital. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">The decrease over last year was mainly because:</FONT></P>
<UL>
<LI>
<FONT size=2 face="sans-serif">A decrease of &#36;12.1 million in net cash from continuing operations caused by higher investment in</FONT> <FONT size=2 face="sans-serif">non-cash working capital of &#36;37.0 million. This was partly offset by an
increase of &#36;24.9 million in</FONT> <FONT size=2 face="sans-serif">cash from continuing operations.</FONT></LI>
<LI>
<FONT size=2 face="sans-serif">Fewer capital expenditures and more non-recourse financing on property, plant and equipment</FONT> <FONT size=2 face="sans-serif">increased free cash flow by &#36;6.3 million.</FONT><BR>
<FONT size=2 face="sans-serif">Net cash from continuing operations year to date is &#36;154.3 million, lower than the same period last year</FONT></LI>
</UL>
<P align="left">
<FONT size=2 face="sans-serif">for the reasons explained above. Free cash flow is &#36;32.6 million lower mainly because of an increase in capital expenditures, partly offset by an increase in non-recourse financing on property, plant and
equipment.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">CAPITAL EXPENDITURES AND OTHER CAPITALIZED COSTS DECREASED BY &#36;2.0 MILLION YEAR OVER YEAR</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Growth capital expenditures this quarter were &#36;33.3 million for:</FONT></P>
<UL>
<LI>
<FONT size=2 face="sans-serif">The ongoing investment in the Dassault Falcon 7X program</FONT></LI>
<LI>
<FONT size=2 face="sans-serif">An increase in capital spending related to the German NH90 helicopter program</FONT></LI>
<LI>
<FONT size=2 face="sans-serif">Other capital expenditures related to growth.</FONT><BR>
<FONT size=2 face="sans-serif">Maintenance capital expenditures were &#36;9.4 million this quarter.</FONT><BR>
<FONT size=2 face="sans-serif">We received &#36;8.5 million in non-recourse financing this quarter related to the NH90 program and a TS/C</FONT></LI>
</UL>
<P align="left">
<FONT size=2 face="sans-serif">joint venture. The &#36;5.1 million received last year related only to the TS/C joint venture.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Year to date, capital expenditures are &#36;98.1 million for growth and &#36;26.2 million for maintenance.</FONT></P>
<P align="left">
<B><FONT size=1 face="sans-serif">NOTES</FONT></B></P>
<P align="left">
<SUP><FONT size=1 face="sans-serif">6 </FONT></SUP><FONT size=1 face="sans-serif">Free cash flow is a non-GAAP 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 capitalized costs) and
dividends paid, and then adding the proceeds from sales and leaseback and other asset-specific financing. Dividends are deducted in the calculation of the free cash flow because we consider them an obligation, like interest on debt, which means that
amount is not available for other uses.</FONT></P>
<P align="left">
<B><FONT size=1 face="sans-serif">2 4 __ C A E 2 0 0 7 Q 3 R E P O R T</FONT></B></P>

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<A name="page_27"></A>
<P align=right><B><FONT face=sans-serif size=1>M A N A G E M E N T &#146; S D I S C U S S I O N A N D A N A L Y S I S</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD align=left width="49%"><B><FONT face=sans-serif size=4>7 CONSOLIDATED FINANCIAL POSITION</FONT></B>&nbsp; </TD>
     <TD align=left width="10%">&nbsp; </TD>
     <TD align=left width="5%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="10%">&nbsp; </TD>
     <TD align=left width="5%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=10>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="49%">&nbsp; </TD>
     <TD align=right width="15%" colSpan=2>&nbsp; <B><FONT face=sans-serif size=1>As at December 31</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="15%" colSpan=2>&nbsp; <FONT face=sans-serif size=1>As at September 30</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="11%" colSpan=2>&nbsp; <FONT face=sans-serif size=1>As at March 31</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="49%"><I><FONT face=sans-serif size=1>(amounts in millions)</FONT></I>&nbsp; </TD>
     <TD align=left width="10%">&nbsp; </TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>2006</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="10%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>2006</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>2006</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=10>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="49%"><I><FONT face=sans-serif size=1>Use of capital</FONT></I>&nbsp; </TD>
     <TD align=left width="10%">&nbsp; </TD>
     <TD align=left width="5%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="10%">&nbsp; </TD>
     <TD align=left width="5%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="49%"><FONT face=sans-serif size=1>Non-cash working capital</FONT>&nbsp; </TD>
     <TD align=right width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>(62.1</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=left width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>(15.9</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>(74.5</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="49%"><FONT face=sans-serif size=1>Property, plant and equipment, net</FONT>&nbsp; </TD>
     <TD align=right width="10%">&nbsp; </TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>980.8</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="10%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>880.5</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>839.3</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="49%"><FONT face=sans-serif size=1>Other long-term assets</FONT>&nbsp; </TD>
     <TD align=right width="10%">&nbsp; </TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>310.5</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="10%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>306.5</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>329.7</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="49%"><FONT face=sans-serif size=1>Long-term assets held for sale</FONT>&nbsp; </TD>
     <TD align=right width="10%">&nbsp; </TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>2.0</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="10%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>1.9</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>5.9</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="49%"><FONT face=sans-serif size=1>Other long-term liabilities</FONT>&nbsp; </TD>
     <TD align=right width="10%">&nbsp; </TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>(250.6</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=left width="10%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>(249.1</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>(238.0</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=10>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="49%"><FONT face=sans-serif size=1>Total capital employed</FONT>&nbsp; </TD>
     <TD align=right width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>980.6</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>923.9</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>862.4</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=10>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="49%"><I><FONT face=sans-serif size=1>Source of capital</FONT></I>&nbsp; </TD>
     <TD align=right width="10%">&nbsp; </TD>
     <TD align=left width="5%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="10%">&nbsp; </TD>
     <TD align=left width="5%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="49%"><FONT face=sans-serif size=1>Net debt</FONT>&nbsp; </TD>
     <TD align=right width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>187.7</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>199.7</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>190.2</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="49%"><FONT face=sans-serif size=1>Shareholders&#146; equity</FONT>&nbsp; </TD>
     <TD align=right width="10%">&nbsp; </TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>792.9</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="10%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>724.2</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>672.2</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=10>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="49%"><FONT face=sans-serif size=1>Source of capital</FONT>&nbsp; </TD>
     <TD align=right width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>980.6</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>923.9</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>862.4</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=10>
<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 the stock-based compensation expense (EIC-162).</FONT></P>
<P align=left><FONT face=sans-serif size=2>CAPITAL EMPLOYED</FONT><SUP><FONT face=sans-serif size=2>7 </FONT></SUP><FONT face=sans-serif size=2>INCREASED 6% THIS QUARTER</FONT></P>
<P align=left><FONT face=sans-serif size=2>The increase was mainly the result of higher property, plant and equipment of $100.3 million, which was partly offset by lower non-cash working capital.</FONT></P>
<P align=left><FONT face=sans-serif size=2>NON-CASH WORKING CAPITAL</FONT><SUP><FONT face=sans-serif size=2>8 </FONT></SUP><FONT face=sans-serif size=2>DECREASED BY $46.2 MILLION THIS QUARTER</FONT></P>
<P align=left><FONT face=sans-serif size=2>The decrease was mainly the result of effective cash management and an increase in operations, combined with the use of an R&amp;D tax credit through income tax expense in Canada and a $5.9 million reimbursement from Revenue Qu&#233;bec.</FONT></P>
<P align=left><FONT face=sans-serif size=2>NET PROPERTY, PLANT AND EQUIPMENT UP $100.3 MILLION SINCE LAST QUARTER</FONT></P>
<P align=left><FONT face=sans-serif size=2>The increase was for $42.7 million in new capital expenditures and by the effects of foreign exchange partly offset by the normal depreciation.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>NOTES</FONT></B></P>
<P align=left><SUP><FONT face=sans-serif size=1>7 </FONT></SUP><FONT face=sans-serif size=1>Capital employed is a non-GAAP measure we use to monitor how much we are investing in our business. We measure it from two perspectives:</FONT></P>
<P align=left><I><FONT face=sans-serif size=1>Capital used </FONT></I></P>
<UL>
<LI><FONT face=sans-serif size=1>For the company as a whole, we take total assets (not including cash and cash equivalents), and subtract total liabilities (not including</FONT> <FONT face=sans-serif size=1>long-term debt and its current portion).</FONT>
<LI><FONT face=sans-serif size=1>For each segment, we take the total assets (not including cash and cash equivalents, tax accounts and other non-operating assets), and</FONT> <FONT face=sans-serif size=1>subtract total liabilities (not including tax accounts, long-term debt and its current portion, or other non-operating liabilities).</FONT> </LI></UL>
<P align=left><I><FONT face=sans-serif size=1>Sources of capital </FONT></I></P>
<P align=left><FONT face=sans-serif size=1>We add net debt to total shareholders&#146; equity to understand where our capital is coming from.</FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>8 </FONT></SUP><FONT face=sans-serif size=1>Non-cash working capital is a non-GAAP measure we use to monitor how much money we have tied up in the day-to-day operation of our business. We calculate it by taking current assets (not including cash and cash equivalents or the current portion of assets held for sale) and subtracting current liabilities (not including the current portion of long-term debt or the current portion of liabilities related to assets held for sale).</FONT></P>
<P align=right><B><FONT face=sans-serif size=1>C A E 2 0 0 7 Q 3 R E P O R T __ 2 5</FONT></B></P>
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<P align=left><B><FONT face=sans-serif size=1>M A N A G E M E N T &#146; S D I S C U S S I O N A N D A N A L Y S I S</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>NET DEBT</FONT><SUP><FONT face=sans-serif size=2>9 </FONT></SUP><FONT face=sans-serif size=2>SLIGHTLY BELOW BEGINNING OF THE FISCAL YEAR&#146;S LEVEL</FONT></P>
<P align=left><FONT face=sans-serif size=2>This was mainly the result of a $11.1 million net increase in cash, before proceeds and repayment of long-term debt. The amount was reduced by the stronger Canadian dollar relative to our foreign denominated debt.</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD align=left width="50%"><B><FONT face=sans-serif size=1>CHANGE IN NET DEBT</FONT></B>&nbsp; </TD>
     <TD align=left width="14%">&nbsp; </TD>
     <TD align=left width="10%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="13%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="50%">&nbsp; </TD>
     <TD align=right width="24%" colSpan=2><B><FONT face=sans-serif size=1>Three months ended</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="13%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>Nine months ended</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="50%"><I><FONT face=sans-serif size=1>(amounts in millions)</FONT></I>&nbsp; </TD>
     <TD align=left width="14%"><B><FONT face=sans-serif size=1>December 31,</FONT></B>&nbsp; </TD>
     <TD align=right width="10%"><B><FONT face=sans-serif size=1>2006</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="13%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>December 31, 2006</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="50%"><FONT face=sans-serif size=1>Net debt, beginning of period</FONT>&nbsp; </TD>
     <TD align=right width="14%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="10%"><FONT face=sans-serif size=1>199.7</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="13%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>190.2</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="50%"><FONT face=sans-serif size=1>- impact of cash movements on net debt</FONT>&nbsp; </TD>
     <TD align=right width="14%">&nbsp; </TD>
     <TD align=left width="10%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="13%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="50%">&nbsp; &nbsp;<FONT face=sans-serif size=1>(see table in the cash movements section)</FONT>&nbsp; </TD>
     <TD align=right width="14%">&nbsp; </TD>
     <TD align=right width="10%"><FONT face=sans-serif size=1>(28.3</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD>
     <TD align=right width="13%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>(11.1</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="50%"><FONT face=sans-serif size=1>+ effect of foreign exchange rate changes</FONT>&nbsp; </TD>
     <TD align=right width="14%">&nbsp; </TD>
     <TD align=left width="10%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="13%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=center width="50%"><FONT face=sans-serif size=1>on long-term debt</FONT>&nbsp; </TD>
     <TD align=right width="14%">&nbsp; </TD>
     <TD align=right width="10%"><FONT face=sans-serif size=1>16.3</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="13%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>8.6</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="50%"><FONT face=sans-serif size=1>- decrease in net debt during the period</FONT>&nbsp; </TD>
     <TD align=right width="14%">&nbsp; </TD>
     <TD align=right width="10%"><FONT face=sans-serif size=1>(12.0</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD>
     <TD align=right width="13%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>(2.5</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="50%"><FONT face=sans-serif size=1>Net debt, end of period</FONT>&nbsp; </TD>
     <TD align=right width="14%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="10%"><FONT face=sans-serif size=1>187.7</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="13%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>187.7</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="50%"><B><FONT face=sans-serif size=4>8 ACQUISITION AND JOINT VENTURE</FONT></B>&nbsp; </TD>
     <TD align=left width="14%">&nbsp; </TD>
     <TD align=left width="10%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="13%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=2>KESEM International Pty Ltd.</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>On December 22, 2006, we acquired all the issued and outstanding shares of KESEM International Pty Ltd. (KESEM), which offers a range of professional services to support design, analysis and experimentation in the defence and homeland security markets. Total consideration for this acquisition, excluding acquisition costs of $0.3 million, amounted to AUD$5.0 million ($4.6 million) payable in cash in four instalments as follows:</FONT></P>
<UL>
<LI><FONT face=sans-serif size=2>AUD$3.5 million ($3.1 million) on the closing date</FONT>
<LI><FONT face=sans-serif size=2>AUD$0.5 million ($0.5 million) in the fourth quarter of fiscal 2007 (no later than 90 days after the</FONT> <FONT face=sans-serif size=2>closing date)</FONT>
<LI><FONT face=sans-serif size=2>AUD$0.5 million ($0.5 million) in the fourth quarter of fiscal 2008</FONT>
<LI><FONT face=sans-serif size=2>AUD$0.5 million ($0.5 million) in the second quarter of fiscal 2009.</FONT><BR>
<FONT face=sans-serif size=2>As per the purchase agreement, the parties agreed that $1.5 million of the purchase price, paid by CAE</FONT> </LI></UL>
<P align=left><FONT face=sans-serif size=2>on the acquisition date along with the first instalment, shall be held in a trust account until the respective instalment date. Other than the first instalment, these instalments are subject to adjustments based on distributable working capital, on the level of revenue for the period ending June 2007, and the value of awarded contracts ending December 2007. Any changes in the total consideration will be accounted for as a change in goodwill.</FONT></P>
<P align=left><FONT face=sans-serif size=2>The net assets of KESEM, excluding income taxes, are included in the TS/M segment.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>EMIRATES-CAE FLIGHT TRAINING CENTER (ECFT) JOINT VENTURE COMPANY</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>On October 4, 2006, we and Emirates Airline decided to strengthen the partnership by transforming the teaming agreement into a 50/50 joint venture company. The two parties have agreed to transfer their existing Dubai flight training asset to the company, be entitled to equal profits, losses and dividends of the business and will share equally in managing the operating, financing and investing activities of ECFT. The joint venture will provide training for airline and business aircraft pilots for specific types of aircraft, training for aircraft maintenance personnel for particular aircraft and maintenance services for training devices.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>NOTES</FONT></B></P>
<P align=left><SUP><FONT face=sans-serif size=1>9 </FONT></SUP><FONT face=sans-serif size=1>Net debt is a non-GAAP measure we use to monitor how much debt we have after taking into account liquid assets such as cash and cash equivalents. We use it as an indicator of our overall financial position, and calculate it by taking our total long-term debt (debt that matures in more than one year), including the current portion, and subtracting cash and cash equivalents. </FONT></P>
<P align=left><B><FONT face=sans-serif size=1>2 6 __ C A E 2 0 0 7 Q 3 R E P O R T</FONT></B></P>
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<P align=right><B><FONT face=sans-serif size=1>M A N A G E M E N T &#146; S D I S C U S S I O N A N D A N A L Y S I S</FONT></B></P>
<P align=left><B><FONT face=sans-serif size=4>9 CHANGE IN ACCOUNTING STANDARDS</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>This quarter, we adopted EIC-162, </FONT><I><FONT face=sans-serif size=2>Stock-Based Compensation for Employees Eligible to Retire Before the Vesting Date</FONT></I><FONT face=sans-serif size=2>. This change was required for all companies under Canadian generally accepted accounting principles (GAAP) for interim financial statements ending on or after December 31, 2006. This abstract stipulates that the stock-based compensation expense for employees who will become eligible for retirement during the vesting period be recognized over the period from grant date to the date the employee becomes eligible to retire. In addition, if an employee is eligible to retire on the grant date, the compensation expense must be recognized at that date. The abstract requires retroactive restatement of prior periods.</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>The impact, in these interim financial statements, of adopting EIC-162 is an increase to contributed surplus by $0.2 million on April 1, 2005 and a decrease to contributed surplus by $0.2 million on April 1, 2006. Also, the adoption of the abstract resulted in a cumulative charge of $1.6 million to retained earnings on April 1, 2005 and $2.9 million on April 1, 2006. In addition, we were impacted by a $0.1 million increase to the stock-based compensation expense for the three-month period ended December 31, 2006 ($0.4 million for the three-month period ended December 31, 2005). For the nine months ended December 31, 2006, the stock-based compensation expense increased by $0.5 million ($1.8 million for the nine months ended December 31, 2005).</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>This standard had no impact on the basic and diluted earnings per share for the three month and nine month periods ending December 31, 2006 and December 31, 2005, respectively.</FONT></P>
<P align=left><B><FONT face=sans-serif size=4>10 SYSTEMS, PROCEDURES AND CONTROLS</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>As part of our restructuring plan, we are implementing an ERP system to improve transparency, accountability and information flow. The project has three major phases with implementation taking place globally over three to five years. </FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>The first phase consisted of implementing a new ERP system for most of the TS/C sites. This was completed on August 21, 2006.</FONT></P>
<P align=left><FONT face=sans-serif size=2>We are now preparing a detailed plan for the second phase that will incorporate learning from phase I. </FONT></P>
<P align=right><B><FONT face=sans-serif size=1>C A E 2 0 0 7 Q 3 R E P O R T __ 2 7</FONT></B></P>
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<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD align=left width="62%"><B><FONT face=sans-serif size=1>C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S</FONT></B>&nbsp; </TD>
     <TD align=left width="10%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="62%"><B><FONT face=sans-serif size=4>CONSOLIDATED BALANCE SHEETS</FONT></B>&nbsp; </TD>
     <TD align=left width="10%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="62%"><I><FONT face=sans-serif size=1>(Unaudited)</FONT></I>&nbsp; </TD>
     <TD align=left width="10%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>As at</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>As at</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="62%"><I><FONT face=sans-serif size=1>(amounts in millions of Canadian dollars)</FONT></I>&nbsp; </TD>
     <TD align=right width="17%" colSpan=2>&nbsp; <B><FONT face=sans-serif size=1>December 31, 2006</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>March 31, 2006</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="62%">&nbsp; </TD>
     <TD align=left width="10%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>(Restated)</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="62%">&nbsp; </TD>
     <TD align=left width="10%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>(Note 1)</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="62%"><B><FONT face=sans-serif size=1>Assets</FONT></B>&nbsp; </TD>
     <TD align=left width="10%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="62%"><I><FONT face=sans-serif size=1>Current assets</FONT></I>&nbsp; </TD>
     <TD align=left width="10%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="62%">&nbsp; &nbsp;<FONT face=sans-serif size=1>Cash and cash equivalents</FONT>&nbsp; </TD>
     <TD align=right width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>112.9</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>$</FONT> </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>81.1</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="62%">&nbsp; &nbsp;<FONT face=sans-serif size=1>Accounts receivable</FONT>&nbsp; </TD>
     <TD align=right width="10%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>328.7</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>260.3</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="62%">&nbsp; &nbsp;<FONT face=sans-serif size=1>Inventories</FONT>&nbsp; </TD>
     <TD align=right width="10%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>85.1</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>93.2</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="62%">&nbsp; &nbsp;<FONT face=sans-serif size=1>Prepaid expenses</FONT>&nbsp; </TD>
     <TD align=right width="10%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>25.2</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>25.2</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="62%">&nbsp; &nbsp;<FONT face=sans-serif size=1>Income taxes recoverable</FONT>&nbsp; </TD>
     <TD align=right width="10%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>68.4</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>75.7</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="62%">&nbsp; &nbsp;<FONT face=sans-serif size=1>Future income taxes</FONT>&nbsp; </TD>
     <TD align=right width="10%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>5.9</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>5.7</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="62%">&nbsp; </TD>
     <TD align=right width="10%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>626.2</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>541.2</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="62%"><FONT face=sans-serif size=1>Property, plant and equipment, net</FONT>&nbsp; </TD>
     <TD align=right width="10%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>980.8</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>839.3</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="62%"><FONT face=sans-serif size=1>Future income taxes</FONT>&nbsp; </TD>
     <TD align=right width="10%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>61.4</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>78.2</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="62%"><FONT face=sans-serif size=1>Intangible assets</FONT>&nbsp; </TD>
     <TD align=right width="10%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>26.5</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>23.3</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="62%"><FONT face=sans-serif size=1>Goodwill</FONT>&nbsp; </TD>
     <TD align=right width="10%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>97.6</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>92.0</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="62%"><FONT face=sans-serif size=1>Other assets</FONT>&nbsp; </TD>
     <TD align=right width="10%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>125.0</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>136.2</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="62%"><FONT face=sans-serif size=1>Long-term assets held for sale (Note 4)</FONT>&nbsp; </TD>
     <TD align=right width="10%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>2.0</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>5.9</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="62%">&nbsp; </TD>
     <TD align=right width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>1,919.5</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>$</FONT> </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>1,716.1</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="62%"><B><FONT face=sans-serif size=1>Liabilities and Shareholders&#146; Equity</FONT></B>&nbsp; </TD>
     <TD align=right width="10%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="62%"><I><FONT face=sans-serif size=1>Current liabilities</FONT></I>&nbsp; </TD>
     <TD align=right width="10%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="62%">&nbsp; &nbsp;<FONT face=sans-serif size=1>Accounts payable and accrued liabilities</FONT>&nbsp; </TD>
     <TD align=right width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>386.0</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>$</FONT> </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>373.7</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="62%">&nbsp; &nbsp;<FONT face=sans-serif size=1>Deposits on contracts</FONT>&nbsp; </TD>
     <TD align=right width="10%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>173.0</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>146.4</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="62%">&nbsp; &nbsp;<FONT face=sans-serif size=1>Current portion of long-term debt</FONT>&nbsp; </TD>
     <TD align=right width="10%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>38.6</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>10.4</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="62%">&nbsp; &nbsp;<FONT face=sans-serif size=1>Future income taxes</FONT>&nbsp; </TD>
     <TD align=right width="10%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>16.4</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>14.5</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="62%">&nbsp; </TD>
     <TD align=right width="10%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>614.0</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>545.0</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="62%"><FONT face=sans-serif size=1>Long-term debt</FONT>&nbsp; </TD>
     <TD align=right width="10%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>262.0</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>260.9</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="62%"><FONT face=sans-serif size=1>Deferred gains and other long-term liabilities</FONT>&nbsp; </TD>
     <TD align=right width="10%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>230.5</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>211.2</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="62%"><FONT face=sans-serif size=1>Future income taxes</FONT>&nbsp; </TD>
     <TD align=right width="10%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>20.1</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>26.8</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="62%">&nbsp; </TD>
     <TD align=right width="10%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>1,126.6</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>1,043.9</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="62%"><B><FONT face=sans-serif size=1>Shareholders&#146; Equity</FONT></B>&nbsp; </TD>
     <TD align=right width="10%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="62%"><FONT face=sans-serif size=1>Capital stock (Note 6)</FONT>&nbsp; </TD>
     <TD align=right width="10%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>395.0</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>389.0</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="62%"><FONT face=sans-serif size=1>Contributed surplus</FONT>&nbsp; </TD>
     <TD align=right width="10%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>5.5</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>5.6</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="62%"><FONT face=sans-serif size=1>Retained earnings</FONT>&nbsp; </TD>
     <TD align=right width="10%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>478.4</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>392.8</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="62%"><FONT face=sans-serif size=1>Cumulative translation adjustment</FONT>&nbsp; </TD>
     <TD align=right width="10%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>(86.0</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>(115.2</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="62%">&nbsp; </TD>
     <TD align=right width="10%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>792.9</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>672.2</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="62%">&nbsp; </TD>
     <TD align=right width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>1,919.5</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>$</FONT> </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>1,716.1</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="62%"><FONT face=sans-serif size=1>The accompanying notes form an integral part of these Consolidated Financial Statements.</FONT>&nbsp; </TD>
     <TD align=left width="10%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=1>2 8 __ C A E 2 0 0 7 Q 3 R E P O R T</FONT></B></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_31"></A>
<P align=right><B><FONT face=sans-serif size=1>C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD align=left width="53%" colSpan=4><B><FONT face=sans-serif size=4>CONSOLIDATED STATEMENTS OF EARNINGS</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="3%">&nbsp; </TD>
     <TD align=left width="9%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="10%"></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="42%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="21%" colSpan=4><B><FONT face=sans-serif size=1>Three months ended</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="21%" colSpan=4><B><FONT face=sans-serif size=1>Nine months ended</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="42%"><I><FONT face=sans-serif size=1>(Unaudited)</FONT></I>&nbsp; </TD>
     <TD align=left width="2%"></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="12%" colSpan=2><B><FONT face=sans-serif size=1>December 31</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="10%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="9%" colSpan=2><B><FONT face=sans-serif size=1>December 31</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="42%"><I><FONT face=sans-serif size=1>(amounts in millions of Canadian dollars, except per share amounts)</FONT></I>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>2006</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="3%">&nbsp; </TD>
     <TD align=right width="9%"><FONT face=sans-serif size=1>2005</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="10%"><B><FONT face=sans-serif size=1>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=1>2005</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="94%" colSpan=14>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="42%">&nbsp; </TD>
     <TD align=left width="2%"></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=right width="9%"><FONT face=sans-serif size=1>(Restated)</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="10%"><FONT face=sans-serif size=1>(Restated)</FONT> </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=1>(Restated)</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="42%">&nbsp; </TD>
     <TD align=left width="2%"></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=right width="9%"><FONT face=sans-serif size=1>(Note 1)</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="10%"><FONT face=sans-serif size=1>(Note 1)</FONT> </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=1>(Note 1)</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="42%"><FONT face=sans-serif size=1>Revenue</FONT>&nbsp; </TD>
     <TD align=right width="2%"><B><FONT face=sans-serif size=1>$</FONT></B> </TD>
     <TD align=right width="9%" colSpan=2><B><FONT face=sans-serif size=1>331.2</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="3%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="9%"><FONT face=sans-serif size=1>276.6</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="2%"><B><FONT face=sans-serif size=1>$</FONT></B> </TD>
     <TD align=right width="10%"><B><FONT face=sans-serif size=1>913.4</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="3%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>822.9</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="94%" colSpan=14>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="42%"><FONT face=sans-serif size=1>Earnings before interest and income taxes (Note 11)</FONT>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>44.2</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="3%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="9%"><FONT face=sans-serif size=1>32.3</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="2%"><B><FONT face=sans-serif size=1>$</FONT></B> </TD>
     <TD align=right width="10%"><B><FONT face=sans-serif size=1>136.1</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="3%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>94.9</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="42%"><FONT face=sans-serif size=1>Interest expense, net (Note 5)</FONT>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>2.9</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="3%">&nbsp; </TD>
     <TD align=right width="9%"><FONT face=sans-serif size=1>6.1</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="10%"><B><FONT face=sans-serif size=1>7.1</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=1>15.3</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="94%" colSpan=14>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="42%"><FONT face=sans-serif size=1>Earnings before income taxes</FONT>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>41.3</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="3%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="9%"><FONT face=sans-serif size=1>26.2</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="2%"><B><FONT face=sans-serif size=1>$</FONT></B> </TD>
     <TD align=right width="10%"><B><FONT face=sans-serif size=1>129.0</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="3%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>79.6</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="42%"><FONT face=sans-serif size=1>Income tax expense</FONT>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>11.6</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="3%">&nbsp; </TD>
     <TD align=right width="9%"><FONT face=sans-serif size=1>8.9</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="10%"><B><FONT face=sans-serif size=1>35.0</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=1>24.6</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="94%" colSpan=14>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="42%"><FONT face=sans-serif size=1>Earnings from continuing operations</FONT>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>29.7</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="3%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="9%"><FONT face=sans-serif size=1>17.3</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="2%"><B><FONT face=sans-serif size=1>$</FONT></B> </TD>
     <TD align=right width="10%"><B><FONT face=sans-serif size=1>94.0</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="3%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>55.0</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="42%"><FONT face=sans-serif size=1>Results of discontinued operations (Note 4)</FONT>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>&#150;</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="3%">&nbsp; </TD>
     <TD align=right width="9%"><FONT face=sans-serif size=1>0.1</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="10%"><B><FONT face=sans-serif size=1>(0.9</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=left width="3%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>(0.6</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="94%" colSpan=14>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="42%"><B><FONT face=sans-serif size=1>Net earnings</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>29.7</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="3%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="9%"><FONT face=sans-serif size=1>17.4</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="2%"><B><FONT face=sans-serif size=1>$</FONT></B> </TD>
     <TD align=right width="10%"><B><FONT face=sans-serif size=1>93.1</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="3%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>54.4</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="94%" colSpan=14>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="42%"><B><FONT face=sans-serif size=1>Basic and diluted earnings per share from continuing operations</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>0.12</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="3%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="9%"><FONT face=sans-serif size=1>0.07</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="2%"><B><FONT face=sans-serif size=1>$</FONT></B> </TD>
     <TD align=right width="10%"><B><FONT face=sans-serif size=1>0.37</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="3%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>0.22</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="94%" colSpan=14>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="42%"><B><FONT face=sans-serif size=1>Basic and diluted earnings per share</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>0.12</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="3%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="9%"><FONT face=sans-serif size=1>0.07</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="2%"><B><FONT face=sans-serif size=1>$</FONT></B> </TD>
     <TD align=right width="10%"><B><FONT face=sans-serif size=1>0.37</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="3%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>0.22</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="94%" colSpan=14>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="42%"><FONT face=sans-serif size=1>Weighted average number of shares outstanding (Basic)</FONT>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="9%" colSpan=2><B><FONT face=sans-serif size=1>251.2</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="3%">&nbsp; </TD>
     <TD align=right width="9%"><FONT face=sans-serif size=1>250.2</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="10%"><B><FONT face=sans-serif size=1>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=1>249.6</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="94%" colSpan=14>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="58%" colSpan=6><FONT face=sans-serif size=1>The accompanying notes form an integral part of these Consolidated Financial Statements.</FONT>&nbsp; </TD>
     <TD align=left width="9%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="10%"></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="67%" colSpan=7><B><FONT face=sans-serif size=4>CONSOLIDATED STATEMENTS OF RETAINED EARNINGS</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="10%"></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="42%"><I><FONT face=sans-serif size=1>(Unaudited)</FONT></I>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="21%" colSpan=4><B><FONT face=sans-serif size=1>Three months ended</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="21%" colSpan=4><B><FONT face=sans-serif size=1>Nine months ended</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="42%"><FONT face=sans-serif size=1>Restated (Note 1)</FONT>&nbsp; </TD>
     <TD align=left width="2%"></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="12%" colSpan=2><B><FONT face=sans-serif size=1>December 31</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="10%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="9%" colSpan=2><B><FONT face=sans-serif size=1>December 31</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="42%"><I><FONT face=sans-serif size=1>(amounts in millions of Canadian dollars)</FONT></I>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>2006</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="3%">&nbsp; </TD>
     <TD align=right width="9%"><FONT face=sans-serif size=1>2005</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="10%"><B><FONT face=sans-serif size=1>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=1>2005</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="94%" colSpan=14>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="42%"><FONT face=sans-serif size=1>Retained earnings at beginning of period as previously reported</FONT>&nbsp; </TD>
     <TD align=right width="2%"><B><FONT face=sans-serif size=1>$</FONT></B> </TD>
     <TD align=right width="9%" colSpan=2><B><FONT face=sans-serif size=1>454.3</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="3%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="9%"><FONT face=sans-serif size=1>373.7</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="2%"><B><FONT face=sans-serif size=1>$</FONT></B> </TD>
     <TD align=right width="10%"><B><FONT face=sans-serif size=1>395.7</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="3%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>340.8</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="42%"><FONT face=sans-serif size=1>Adjustment for change in accounting policy (Note 1)</FONT>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>(3.1</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=left width="3%">&nbsp; </TD>
     <TD align=right width="9%"><FONT face=sans-serif size=1>(2.5</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="10%"><B><FONT face=sans-serif size=1>(2.9</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=left width="3%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>(1.6</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="94%" colSpan=14>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="42%"><FONT face=sans-serif size=1>Retained earnings at beginning of period as restated</FONT>&nbsp; </TD>
     <TD align=right width="2%"><B><FONT face=sans-serif size=1>$</FONT></B> </TD>
     <TD align=right width="9%" colSpan=2><B><FONT face=sans-serif size=1>451.2</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="3%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="9%"><FONT face=sans-serif size=1>371.2</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="2%"><B><FONT face=sans-serif size=1>$</FONT></B> </TD>
     <TD align=right width="10%"><B><FONT face=sans-serif size=1>392.8</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="3%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>339.2</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="42%"><FONT face=sans-serif size=1>Net earnings</FONT>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>29.7</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="3%">&nbsp; </TD>
     <TD align=right width="9%"><FONT face=sans-serif size=1>17.4</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="10%"><B><FONT face=sans-serif size=1>93.1</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=1>54.4</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="42%"><FONT face=sans-serif size=1>Dividends</FONT>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>(2.5</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=left width="3%">&nbsp; </TD>
     <TD align=right width="9%"><FONT face=sans-serif size=1>(2.5</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="10%"><B><FONT face=sans-serif size=1>(7.5</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=left width="3%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>(7.5</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="94%" colSpan=14>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="42%"><FONT face=sans-serif size=1>Retained earnings at end of period</FONT>&nbsp; </TD>
     <TD align=right width="2%"><B><FONT face=sans-serif size=1>$</FONT></B> </TD>
     <TD align=right width="9%" colSpan=2><B><FONT face=sans-serif size=1>478.4</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="3%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="9%"><FONT face=sans-serif size=1>386.1</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="2%"><B><FONT face=sans-serif size=1>$</FONT></B> </TD>
     <TD align=right width="10%"><B><FONT face=sans-serif size=1>478.4</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="3%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>386.1</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="94%" colSpan=14>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="58%" colSpan=6><FONT face=sans-serif size=1>The accompanying notes form an integral part of these Consolidated Financial Statements.</FONT>&nbsp; </TD>
     <TD align=left width="9%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="10%"></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></TABLE><BR>
<P align=right><B><FONT face=sans-serif size=1>C A E 2 0 0 7 Q 3 R E P O R T __ 2 9</FONT></B></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_32"></A>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD align=left width="41%"><B><FONT face=sans-serif size=1>C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S</FONT></B>&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="6%"></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="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="54%" colSpan=3><B><FONT face=sans-serif size=4>CONSOLIDATED STATEMENTS OF CASH FLOW</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="6%"></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="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="41%">&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=right width="18%" colSpan=4><B><FONT face=sans-serif size=1>Three months ended</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="18%" colSpan=4><B><FONT face=sans-serif size=1>Nine months ended</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="41%"><I><FONT face=sans-serif size=1>(Unaudited)</FONT></I>&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="10%" colSpan=2><B><FONT face=sans-serif size=1>December 31</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="9%" colSpan=2><B><FONT face=sans-serif size=1>December 31</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="41%"><I><FONT face=sans-serif size=1>(amounts in millions of Canadian dollars)</FONT></I>&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>2006</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>2005</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>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=1>2005</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="94%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="41%">&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>(Restated)</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>(Restated)</FONT> </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=1>(Restated)</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="41%">&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>(Note 1)</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>(Note 1)</FONT> </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=1>(Note 1)</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="41%"><B><FONT face=sans-serif size=1>Operating activities</FONT></B>&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="6%"></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="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="41%"><FONT face=sans-serif size=1>Net earnings</FONT>&nbsp; </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>29.7</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; <FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>17.4</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>$</FONT> </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>93.1</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="3%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>54.4</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="41%"><FONT face=sans-serif size=1>Results of discontinued operations (Note 4)</FONT>&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>&#150;</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>(0.1</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>0.9</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=1>0.6</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="94%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="41%"><FONT face=sans-serif size=1>Earnings from continuing operations</FONT>&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>29.7</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>17.3</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>94.0</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=1>55.0</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="48%" colSpan=2><FONT face=sans-serif size=1>Adjustments to reconcile earnings to cash flows from operating activities:</FONT>&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="6%"></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="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="41%">&nbsp; &nbsp;<FONT face=sans-serif size=1>Depreciation</FONT>&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>14.3</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>13.8</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>40.4</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=1>39.8</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="41%">&nbsp; &nbsp;<FONT face=sans-serif size=1>Amortization of deferred financing costs</FONT>&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>0.2</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>0.2</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>0.6</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=1>1.9</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="41%">&nbsp; &nbsp;<FONT face=sans-serif size=1>Amortization of intangible and other assets</FONT>&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>3.4</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>4.4</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>10.6</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=1>15.2</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="41%">&nbsp; &nbsp;<FONT face=sans-serif size=1>Future income taxes</FONT>&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>(1.2</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>2.8</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>11.4</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=1>(2.4</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="41%">&nbsp; &nbsp;<FONT face=sans-serif size=1>Investment tax credits</FONT>&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>9.6</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>(3.0</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>5.5</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=1>(5.7</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="41%">&nbsp; &nbsp;<FONT face=sans-serif size=1>Stock-based compensation plans</FONT>&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>5.6</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>2.5</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>12.1</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=1>7.8</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="41%">&nbsp; &nbsp;<FONT face=sans-serif size=1>Other</FONT>&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>(1.8</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>(3.1</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>3.9</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=1>(0.3</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="41%">&nbsp; &nbsp;<FONT face=sans-serif size=1>Changes in non-cash working capital (Note 9)</FONT>&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>18.9</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>55.9</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>(24.2</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=right width="3%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>55.1</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="94%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="41%"><FONT face=sans-serif size=1>Net cash provided by continuing operating activities</FONT>&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>78.7</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>90.8</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>154.3</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=1>166.4</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="41%"><FONT face=sans-serif size=1>Net cash provided by discontinued operating activities</FONT>&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>&#150;</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>&#150;</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>&#150;</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=1>2.1</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="94%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="41%"><B><FONT face=sans-serif size=1>Net cash provided by operating activities</FONT></B>&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>78.7</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>90.8</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>154.3</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=1>168.5</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="94%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="41%"><B><FONT face=sans-serif size=1>Investing activities</FONT></B>&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="6%"></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="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="41%"><FONT face=sans-serif size=1>Business acquisitions (net of cash and cash equivalents</FONT>&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="6%"></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="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="41%">&nbsp; &nbsp;<FONT face=sans-serif size=1>acquired) (Note 2, 9)</FONT>&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>(4.9</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>&#150;</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>(4.9</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=right width="3%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>2.6</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="41%"><FONT face=sans-serif size=1>Proceeds from disposal of discontinued operations (Note 9)</FONT>&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>&#150;</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>&#150;</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>(6.6</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=right width="3%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>(4.9</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="41%"><FONT face=sans-serif size=1>Capital expenditures</FONT>&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>(42.7</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>(45.6</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>(124.3</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=right width="3%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>(87.8</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="41%"><FONT face=sans-serif size=1>Deferred development costs</FONT>&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>(0.1</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>(0.4</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>(0.3</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=right width="3%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>(0.4</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="41%"><FONT face=sans-serif size=1>Deferred pre-operating costs</FONT>&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>(2.6</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>(0.1</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>(2.7</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=right width="3%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>(0.4</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="41%"><FONT face=sans-serif size=1>Other</FONT>&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>(3.8</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>(5.1</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>(4.6</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=right width="3%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>(17.2</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="94%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="41%"><FONT face=sans-serif size=1>Net cash used in continuing investing activities</FONT>&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>(54.1</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>(51.2</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>(143.4</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=right width="3%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>(108.1</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="41%"><FONT face=sans-serif size=1>Net cash used in discontinued investing activities</FONT>&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>&#150;</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>&#150;</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>&#150;</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=1>(2.3</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="94%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="41%"><B><FONT face=sans-serif size=1>Net cash used in investing activities</FONT></B>&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>(54.1</FONT></B> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>(51.2</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>(143.4</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=right width="3%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>(110.4</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="94%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="41%"><B><FONT face=sans-serif size=1>Financing activities</FONT></B>&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="6%"></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="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="41%"><FONT face=sans-serif size=1>Net borrowing under revolving unsecured credit facilities</FONT>&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>(30.0</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>(13.6</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>&#150;</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=1>(9.7</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="41%"><FONT face=sans-serif size=1>Proceeds from long-term debt</FONT>&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>18.0</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>4.6</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>42.5</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=1>25.8</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="41%"><FONT face=sans-serif size=1>Reimbursement of long-term debt</FONT>&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>(14.2</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>(33.2</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>(21.8</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=right width="3%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>(61.9</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="41%"><FONT face=sans-serif size=1>Dividends paid</FONT>&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>(2.4</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>(2.4</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>(7.3</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=right width="3%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>(7.2</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="41%"><FONT face=sans-serif size=1>Common stock issuance</FONT>&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>0.9</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>1.2</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>3.6</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=1>6.2</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="41%"><FONT face=sans-serif size=1>Other</FONT>&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>(1.6</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>2.8</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>(1.0</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=right width="3%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>1.8</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="94%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="41%"><FONT face=sans-serif size=1>Net cash (used in) provided by continuing financing activities</FONT>&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>(29.3</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>(40.6</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>16.0</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=1>(45.0</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="41%"><FONT face=sans-serif size=1>Net cash provided by discontinued financing activities</FONT>&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>&#150;</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>&#150;</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>&#150;</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=1>1.2</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="94%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="41%"><B><FONT face=sans-serif size=1>Net cash (used in) provided by financing activities</FONT></B>&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>(29.3</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>(40.6</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>16.0</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=1>(43.8</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="94%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="41%"><B><FONT face=sans-serif size=1>Effect of foreign exchange rate changes</FONT></B>&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="6%"></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="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="41%">&nbsp; &nbsp;<B><FONT face=sans-serif size=1>on cash and cash equivalents</FONT></B>&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>6.8</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>(2.1</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>4.9</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=1>(9.1</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="94%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="41%"><B><FONT face=sans-serif size=1>Net increase (decrease) in cash and cash equivalents</FONT></B>&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>2.1</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>(3.1</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>31.8</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=1>5.2</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="41%"><B><FONT face=sans-serif size=1>Cash and cash equivalents at beginning of period</FONT></B>&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>110.8</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>69.8</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>81.1</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=1>61.5</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="94%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="41%"><B><FONT face=sans-serif size=1>Cash and cash equivalents at end of period</FONT></B>&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>112.9</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>66.7</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>$</FONT></B> </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>112.9</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="3%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>66.7</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="94%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="60%" colSpan=5><FONT face=sans-serif size=1>The accompanying notes form an integral part of these Consolidated Financial Statements.</FONT>&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="6%"></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="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=1>3 0 __ C A E 2 0 0 7 Q 3 R E P O R T</FONT></B></P>
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<P align=right><B><FONT face=sans-serif size=1>N O T E S T O C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S</FONT></B></P>
<P align=left><B><FONT face=sans-serif size=4>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</FONT></B></P>
<P align=left><B><FONT face=sans-serif size=4>NOTE 1 NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES</FONT></B></P>
<P align=left><B><FONT face=sans-serif size=2>NATURE OF OPERATION</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>CAE Inc. (or the Company) designs, manufactures and supplies simulation equipment and services and develops integrated training solutions for the military, commercial airlines, business aircraft operators and aircraft manufacturers. CAE&#146;s flight simulators replicate aircraft performance in normal and abnormal operations as well as a comprehensive set of environmental conditions utilizing visual systems that contain an extensive database of airports, other landing areas, flying environments, motion and sound cues to create a fully immersive training environment. The Company offers a full range of flight training devices based on the same software used in its simulators. The Company also operates a global network of training centres in locations around the world. </FONT></P>
<P align=left><FONT face=sans-serif size=2>The Company&#146;s operations are managed through four segments: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR>
     <TD vAlign=top noWrap><FONT face=sans-serif size=2>(i)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif size=2>Simulation Products/Civil &#150; Designs, manufactures and supplies civil flight simulators, training devices and visual systems.</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=sans-serif size=2>(ii)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif size=2>Simulation Products/Military &#150; Designs, manufactures and supplies advanced military training products for air, land and sea applications.</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=sans-serif size=2>(iii)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif size=2>Training &amp; Services/Civil &#150; Provides business and commercial aviation training and related services.</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=sans-serif size=2>(iv)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif size=2>Training &amp; Services/Military &#150; Supplies military turnkey training and operational solutions, support services, life extensions, systems maintenance and modelling and simulation solutions.</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR></TABLE>
<P align=left><B><FONT face=sans-serif size=2>GENERALLY ACCEPTED ACCOUNTING PRINCIPLES AND FINANCIAL STATEMENT PRESENTATION</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>These interim unaudited consolidated financial statements have been prepared, in all material respects, in accordance with generally accepted accounting principles (GAAP) in Canada as defined by the Canadian Institute of Chartered Accountants (CICA). </FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>These consolidated financial statements comply with generally accepted accounting principles applicable to interim financial statements and, except as otherwise indicated hereunder, have been prepared on a basis consistent with the Company&#146;s annual consolidated financial statements for the year ended March 31, 2006. These consolidated statements do not include all of the disclosures applicable to annual consolidated financial statements; for a full description of the Company&#146;s accounting policies, refer to the Company&#146;s annual consolidated financial statements for the year ended March 31, 2006 available on-line at www.sedar.com, at www.sec.gov, as well as on the Company&#146;s website at www.cae.com. While CAE management (Management) believes that the disclosures presented are adequate and that the disclosures highlight all material changes during the quarter, these interim consolidated financial statements should be read
 in conjunction with the most recent annual consolidated financial statements.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Certain comparative figures have been reclassified to conform to the current presentation. </FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>Except where otherwise noted, all amounts in these consolidated financial statements are expressed in Canadian dollars.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>SEASONALITY AND CYCLICALITY OF THE BUSINESS</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>The Company&#146;s business operating segments are affected in varying degrees by market cyclicality and/or seasonality. As such, operating performance over a given interim period should not necessarily be considered indicative of full fiscal year performance.</FONT></P>
<P align=right><B><FONT face=sans-serif size=1>C A E 2 0 0 7 Q 3 R E P O R T __ 3 1</FONT></B></P>
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<P align="left">
<B><FONT size=1 face="sans-serif">N O T E S T O C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S</FONT></B></P>
<P align="left">
<B><FONT size=4 face="sans-serif">NOTE 1 NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES (CONT&#146;D)</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">The Simulation Products/Civil segment sells equipment directly to airlines and to the extent that the entire commercial airline industry is affected by cycles of expansion and contraction,
the Company&#146;s performance will also be affected. The Training &amp; Services/Civil segment activities are affected by the seasonality of its industry &#150; in times of peak travel (such as holidays), airline and business jet pilots are
generally occupied flying aircraft rather than attending training sessions. The opposite also holds true &#150;slower travel periods tend to be more active training periods for pilots. Therefore, the Company has historically experienced greater
demand for training services in the first and fourth quarters of the fiscal year and lower demand during the second and third quarters.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Order intake for the Simulation Products/Military segment has historically not shown any noticeable degree of cyclicality or seasonality in the course of providing solutions for government
customers. However, the Training &amp; Services/Military segment&#146;s order intake is typically higher in the second half of the year when most service contracts are renewed.</FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">USE OF ESTIMATES</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">The preparation of consolidated financial statements in conformity with GAAP requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses for the period. On an ongoing basis, Management reviews its estimates, particularly as they relate to accounting on
long-term contracts, useful lives, employee future benefits, income taxes, impairment of long-lived assets and goodwill, based on Management&#146;s best knowledge of current events and actions that the Company may undertake in the future. Actual
results could differ from those estimates; significant changes in estimates and/or assumptions could result in the impairment of certain assets.</FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">BASIS OF CONSOLIDATION </FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">The consolidated financial statements include the accounts of CAE Inc. and all majority-owned subsidiaries and variable interest entities for which the Company is the primary beneficiary. They also include the
Company&#146;s proportionate share of assets, liabilities and earnings of joint ventures in which the Company has an interest. All significant intercompany accounts and transactions have been eliminated. Investments over which the Company exercises
significant influence are accounted for using the equity method and portfolio investments are accounted for using the cost method.</FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">CHANGE IN ACCOUNTING POLICY</FONT></B></P>
<P align="left">
<B><FONT size=2 face="sans-serif">Emerging Issues Committee (EIC)-162: Stock-Based Compensation for Employees Eligible to Retire Before the Vesting Date</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">During the quarter, the Company adopted EIC-162, </FONT><I><FONT size=2 face="sans-serif">Stock-Based Compensation for Employees Eligible to Retire Before the Vesting Date</FONT></I><FONT size=2 face="sans-serif">.
This abstract stipulates that the stock-based compensation expense for employees who will become eligible for retirement during the vesting period be recognized over the period from grant date to the date the employee becomes eligible to retire. In
addition, if an employee is eligible to retire on the grant date, the compensation expense must be recognized at that date. The abstract requires retroactive restatement of prior periods. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">The impact, in these interim financial statements, of adopting EIC-162 is an increase to contributed surplus by &#36;0.2 million on April 1, 2005 and a decrease to contributed surplus by
&#36;0.2 million on April 1, 2006. Also, the adoption of the abstract resulted in a cumulative charge of &#36;1.6 million to retained earnings on April 1, 2005 and &#36;2.9 million on April 1, 2006. In addition, the Company was impacted by a
&#36;0.1 million increase to the stock-based compensation expense for the three-month period ended December 31, 2006.</FONT></P>
<P align="left">
<B><FONT size=1 face="sans-serif">3 2 __ C A E 2 0 0 7 Q 3 R E P O R T</FONT></B></P>

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<P align=right><B><FONT face=sans-serif size=1>N O T E S T O C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S</FONT></B></P>
<P align=left><B><FONT face=sans-serif size=4>NOTE 1 NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES (CONT&#146;D)</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>($0.4 million for the three-month period ended December 31, 2005). For the nine-months ended December 31, 2006, stock-based compensation expense increased by $0.5 million ($1.8 million for the nine months ended December 31, 2005).</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>This standard has no impact on the basic and diluted earnings per share for the three-month and nine-month periods ending December 31, 2006 and December 31, 2005, respectively.</FONT></P>
<P align=left><B><FONT face=sans-serif size=4>NOTE 2 BUSINESS ACQUISITIONS</FONT></B></P>
<P align=left><B><FONT face=sans-serif size=2>KESEM INTERNATIONAL PTY LTD</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>On December 22, 2006, the Company acquired all the issued and outstanding shares of KESEM International Pty Ltd. (KESEM), which offers a range of professional services to support design, analysis and experimentation in the defence and homeland security markets. Total consideration for this acquisition, excluding acquisition costs of $0.3 million, amounted to AUD$5.0 million ($4.6 million) payable in cash in four instalments as follows: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR>
     <TD vAlign=top noWrap><FONT face=sans-serif size=2>(i)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif size=2>AUD$3.5 million ($3.1 million) at closing date</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=sans-serif size=2>(ii)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif size=2>AUD$0.5 million ($0.5 million) in the fourth quarter of fiscal 2007 (no later than 90 days after the closing date)</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=sans-serif size=2>(iii)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif size=2>AUD$0.5 million ($0.5 million) in the fourth quarter of fiscal 2008</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=sans-serif size=2>(iv)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif size=2>AUD$0.5 million ($0.5 million) in the second quarter of fiscal 2009.</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR></TABLE>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>As per the purchase agreement, the parties agreed that $1.5 million of the purchase price, paid by CAE on the acquisition date along with the first instalment, shall be held in a trust account until the respective instalment date. Other than the first instalment, these instalments are subject to adjustments based on distributable working capital, on the level of revenue for the period ending June 2007 and on the value of awarded contracts for the period ending December 2007. Any changes in the total consideration will be accounted for as a change in goodwill.</FONT></P>
<P align=left><FONT face=sans-serif size=2>The preliminary fair value of net assets acquired are summarized as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD align=left width="63%"><I><FONT face=sans-serif size=1>(Unaudited)</FONT></I>&nbsp; </TD>
     <TD align=left width="27%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>As at December 31</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="63%"><I><FONT face=sans-serif size=1>(amounts in millions)</FONT></I>&nbsp; </TD>
     <TD align=left width="27%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>2006</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="63%"><FONT face=sans-serif size=1>Current assets</FONT>&nbsp; </TD>
     <TD align=right width="27%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>0.8</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="63%"><FONT face=sans-serif size=1>Current liabilities</FONT>&nbsp; </TD>
     <TD align=right width="27%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>(0.5</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="63%"><FONT face=sans-serif size=1>Intangible assets</FONT>&nbsp; </TD>
     <TD align=right width="27%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="63%">&nbsp; &nbsp;<FONT face=sans-serif size=1>Trade names</FONT>&nbsp; </TD>
     <TD align=right width="27%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>0.1</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=center width="63%"><FONT face=sans-serif size=1>Technology</FONT>&nbsp; </TD>
     <TD align=right width="27%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>0.1</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="63%">&nbsp; &nbsp;<FONT face=sans-serif size=1>Customer relations</FONT>&nbsp; </TD>
     <TD align=right width="27%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>0.5</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="63%"><FONT face=sans-serif size=1>Goodwill</FONT>&nbsp; </TD>
     <TD align=right width="27%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>4.1</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="63%"><FONT face=sans-serif size=1>Future income taxes liabilities</FONT>&nbsp; </TD>
     <TD align=right width="27%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>(0.2</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="63%"><B><FONT face=sans-serif size=1>Fair value of net assets acquired and total cash consideration</FONT></B>&nbsp; </TD>
     <TD align=right width="27%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>4.9</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>The acquisition was accounted for under the purchase method and the operating results have been included from its acquisition date. </FONT></P>
<P align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>The allocation of the purchase price is based on Management&#146;s best estimate of the fair value of assets and liabilities. Allocation involves a number of estimates as well as the gathering of information over a number of months. The allocation of the purchase price is preliminary and is expected to be completed in the near future.</FONT></P>
<P align=right><FONT face=sans-serif size=2>The net assets of KESEM, excluding income taxes, are included in the Training &amp; Services/Military segment.</FONT></P>
<P align=right><B><FONT face=sans-serif size=1>C A E 2 0 0 7 Q 3 R E P O R T __ 3 3</FONT></B></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_36"></A>
<P align=left><B><FONT face=sans-serif size=1>N O T E S T O C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S</FONT></B></P>
<P align=left><B><FONT face=sans-serif size=4>NOTE 3 INVESTMENTS IN JOINT VENTURES</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>The Company&#146;s consolidated balance sheet as at December 31, 2006 and consolidated statements of earnings and cash flows for the three months ended and nine months ended December 31, 2006 include, on a proportionate consolidation basis, the impact of its joint venture companies of Zhuhai Xiang Yi Aviation Technology Company Limited &#150; 49%, Helicopter Training Media International GmbH &#150; 50%, Helicopter Flight Training Services GmbH &#150; 25%, and since October 4, 2006, the Emirates-CAE Flight Training center &#150; 50%.</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>The Company is currently in discussions with its co-shareholder in the Emirates-CAE Flight Training center to conclude the adjustments to working capital provisions of the joint venture agreement. The results of these adjustments may affect the impact of the assets and liabilities of the joint venture company on the Company&#146;s consolidated balance sheets.</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>The Company&#146;s consolidated balance sheet as at March 31, 2006 and consolidated statements of earnings and cash flows for the three months ended and nine months ended December 31, 2005 include, on a proportionate consolidation basis, only the impact of its joint venture companies of Zhuhai Xiang Yi Aviation Technology Company Limited &#150; 49%, Helicopter Training Media International GmbH &#150; 50%, and Helicopter Flight Training Services GmbH &#150; 25%.</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>Except for the Helicopter Training Media International GmbH joint venture, whose operations are essentially focused on designing, manufacturing and supplying advanced helicopter military training product applications, the other joint venture companies&#146; operations are focused on providing civil and military aviation training and related services.</FONT></P>
<P align=left><FONT face=sans-serif size=2>The impact on the Company&#146;s consolidated financial statements from all joint ventures is as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD align=left width="39%"><I><FONT face=sans-serif size=1>(Unaudited)</FONT></I>&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=right width="21%" colSpan=4><B><FONT face=sans-serif size=1>As at December 31</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="10%" colSpan=2><FONT face=sans-serif size=1>As at March 31</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="39%"><I><FONT face=sans-serif size=1>(amounts in millions)</FONT></I>&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="5%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>2006</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>2006</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="94%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="39%"><B><FONT face=sans-serif size=1>Assets</FONT></B>&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="5%"></TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="5%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="39%"><FONT face=sans-serif size=1>Current assets</FONT>&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>$</FONT></B> </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>24.9</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>22.0</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="39%"><FONT face=sans-serif size=1>Property, plant and equipment and other non-current assets</FONT>&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="5%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>156.7</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>42.7</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="39%"><B><FONT face=sans-serif size=1>Liabilities</FONT></B>&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="5%"></TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="5%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="39%"><FONT face=sans-serif size=1>Current liabilities</FONT>&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>$</FONT></B> </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>19.0</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>10.9</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="39%"><FONT face=sans-serif size=1>Long-term debt (including current portion)</FONT>&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="5%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>54.6</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>26.2</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="94%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="39%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=right width="20%" colSpan=4><B><FONT face=sans-serif size=1>Three months ended</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="5%"></TD>
     <TD align=right width="19%" colSpan=4><B><FONT face=sans-serif size=1>Nine months ended</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="39%"><I><FONT face=sans-serif size=1>(Unaudited)</FONT></I>&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="11%" colSpan=2><B><FONT face=sans-serif size=1>December 31</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="5%"></TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="10%" colSpan=2><B><FONT face=sans-serif size=1>December 31</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="39%"><I><FONT face=sans-serif size=1>(amounts in millions)</FONT></I>&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>2006</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>2005</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="5%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>2006</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>2005</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="94%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="39%"><B><FONT face=sans-serif size=1>Earnings</FONT></B>&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="5%"></TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="5%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="39%"><FONT face=sans-serif size=1>Revenue</FONT>&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>$</FONT></B> </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>13.5</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>5.4</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>$</FONT></B> </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>47.4</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%">&nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>33.0</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="39%"><FONT face=sans-serif size=1>Net earnings</FONT>&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>1.3</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>1.2</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="5%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>5.2</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>3.0</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="39%"><FONT face=sans-serif size=1>Segmented operating income:</FONT>&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="5%"></TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="5%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="39%">&nbsp; &nbsp;<FONT face=sans-serif size=1>Simulation Products/Military</FONT>&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>0.3</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>(0.2</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD>
     <TD align=left width="5%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>1.5</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>(0.2</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="39%">&nbsp; &nbsp;<FONT face=sans-serif size=1>Training and Services/Civil</FONT>&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>1.8</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>1.3</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="5%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>4.8</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>3.7</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="39%">&nbsp; &nbsp;<FONT face=sans-serif size=1>Training and Services/Military</FONT>&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>(0.1</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>0.1</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="5%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>(0.1</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>(0.3</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="94%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="39%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=right width="20%" colSpan=4><B><FONT face=sans-serif size=1>Three months ended</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="5%"></TD>
     <TD align=right width="19%" colSpan=4><B><FONT face=sans-serif size=1>Nine months ended</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="39%"><I><FONT face=sans-serif size=1>(Unaudited)</FONT></I>&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="11%" colSpan=2><B><FONT face=sans-serif size=1>December 31</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="5%"></TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="10%" colSpan=2><B><FONT face=sans-serif size=1>December 31</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="39%"><I><FONT face=sans-serif size=1>(amounts in millions)</FONT></I>&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>2006</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>2005</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="5%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>2006</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>2005</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="94%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="39%"><B><FONT face=sans-serif size=1>Cash flows from (used in)</FONT></B>&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="5%"></TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="5%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="39%"><FONT face=sans-serif size=1>Operating activities</FONT>&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>$</FONT></B> </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>10.1</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>8.4</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>$</FONT></B> </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>10.2</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="5%">&nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>10.2</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="39%"><FONT face=sans-serif size=1>Investing activities</FONT>&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>(6.7</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>(12.2</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD>
     <TD align=left width="5%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>(35.0</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>(27.4</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="39%"><FONT face=sans-serif size=1>Financing activities</FONT>&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>7.3</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>0.5</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="5%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>24.5</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>20.7</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="94%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=1>3 4 __ C A E 2 0 0 7 Q 3 R E P O R T</FONT></B></P>
<HR align=center width="100%" noShade SIZE=2>

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<P align=right><B><FONT face=sans-serif size=1>N O T E S T O C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S</FONT></B></P>
<P align=left><B><FONT face=sans-serif size=4>NOTE 4 DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE</FONT></B></P>
<P align=left><B><FONT face=sans-serif size=2>CLEANING TECHNOLOGIES </FONT></B></P>
<P align=left><FONT face=sans-serif size=2>During the second quarter of fiscal 2007, the Company received early payment, in full, of $9.3 million of secured subordinated promissory long-term notes previously recorded in other assets. These notes, with a carrying value of $7.9 million, were received by the Company as part of the consideration for its sale in 2002 of Ultrasonics and Ransohoff. The repayment resulted in the recognition of $1.4 million of interest revenue during the second quarter due to the accretion of discounts on the long-term notes receivable. The parties have also concluded discussions regarding adjustments to working capital provisions. As a result of these discussions, the Company collected and recorded an additional amount of approximately $0.1 million (net of tax recovery of $0.1 million).</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>During the third quarter of fiscal 2006, the Company and Cold Jet Inc. concluded an agreement to settle, for an amount of $0.3 million (net of tax expense of $0.1 million), the future consideration and cancel the outstanding obligations of the Company as part of the sale of its Cleaning Technologies business, Alpheus Inc., to Cold Jet Inc. </FONT></P>
<P align=left><B><FONT face=sans-serif size=2>FORESTRY SYSTEMS</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>On May 2, 2003, the Company completed the sale of one of its Forestry Systems businesses to Carmanah Design and Manufacturing. The Company was entitled to receive further consideration based on the performance of the business. During the first quarter of fiscal 2007, a settlement was concluded and the Company received a payment of $0.2 million (net of tax expense of $0.1 million).</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>On August 16, 2002, CAE sold substantially all the assets of the sawmill division of its Forestry Systems. The Company was entitled to receive further cash consideration from the sale based on operating performance of the disposed business for a three-year period to August 2005. In November 2005, the Company received a notice from the buyers saying that the targeted level of operating performance that would trigger the payment had not been achieved. CAE completed a review of the buyers&#146; books and records and instituted legal proceedings to collect the payment that it believes is owed to the Company. As at December 31, 2005, the Company incurred $0.2 million (net of tax recovery of $0.1 million) of fees in connection with the evaluation and litigation exercise. This dispute has currently been referred to arbitration and is in the discovery of evidence phase.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>MARINE CONTROLS</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>On February 3, 2005, the Company completed, with L-3 Communications Corporation (L-3), the sale of the substantial components of its Marine Controls segment for a cash consideration of $238.6 million. This amount was subject to the approval by L-3 of the net working capital of the Marine Controls segment. The parties have completed the discussions regarding the net working capital in the second quarter of fiscal 2007 and L-3 was paid for the difference in the net working capital. Furthermore, the Company received from this buyer notices of claims for indemnification pursuant to the Sale and Purchase Agreement (SPA), including in respect of allegations that the Company was in breach of certain representations and warranties in the SPA. At this time, neither the outcome of these matters nor the potential future payments, if any, are determinable. The Company intends to assert all available defences against these claims. The aggregate liability for claims made under th
e SPA is limited to US$25 million.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>ASSETS HELD FOR SALE</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>During the second quarter of fiscal 2007, the Company sold for $3.6 million a portion of the aggregate land and building, which was previously reported as being held for sale. As a result of this transaction, the Company recorded a loss on the sale of $0.2 million (net of tax recovery of $0.1 million). </FONT></P>
<P align=right><B><FONT face=sans-serif size=1>C A E 2 0 0 7 Q 3 R E P O R T __ 3 5</FONT></B></P>
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<P align=left><B><FONT face=sans-serif size=1>N O T E S T O C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S</FONT></B></P>
<P align=left><B><FONT face=sans-serif size=4>NOTE 4 DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE (CONT&#146;D)</FONT></B></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>As at December 31, 2006, a long-term asset held for sale is expected to be disposed of and consists of a building related to the Training &amp; Services/Civil segment and amounts to $2.0 million (March 31, 2006 &#150;land and building amounting to $5.9 million). </FONT></P>
<P align=left><FONT face=sans-serif size=2>Summarized financial information for discontinued operations are as follows: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD align=left width="42%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="22%" colSpan=4><B><FONT face=sans-serif size=1>Three months ended</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=right width="16%" colSpan=4><B><FONT face=sans-serif size=1>Nine months ended</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="42%"><I><FONT face=sans-serif size=1>(Unaudited)</FONT></I>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="9%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="11%" colSpan=2><B><FONT face=sans-serif size=1>December 31</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="5%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="9%" colSpan=2><B><FONT face=sans-serif size=1>December 31</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="42%"><I><FONT face=sans-serif size=1>(amounts in millions)</FONT></I>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=1>2006</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>2005</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>2006</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>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="42%"><FONT face=sans-serif size=1>Net loss from Marine Controls,</FONT>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="9%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></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="5%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="42%">&nbsp; &nbsp;<FONT face=sans-serif size=1>Net of tax recovery of Nil for the quarter and</FONT>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="9%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></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="5%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="42%">&nbsp; &nbsp;<FONT face=sans-serif size=1>$0.2 YTD (2005; - Nil)</FONT>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=1>$ &#150;</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="7%">&nbsp; <FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>&#150;</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>$</FONT></B> </TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>(1.0</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=right width="4%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>(0.7</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="42%"><FONT face=sans-serif size=1>Net earnings from Cleaning Technologies and</FONT>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="9%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></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="5%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="42%">&nbsp; &nbsp;<FONT face=sans-serif size=1>other discontinued operations,</FONT>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="9%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></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="5%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="42%">&nbsp; &nbsp;<FONT face=sans-serif size=1>Net of tax expense (recovery) of Nil for the quarter and</FONT>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="9%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></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="5%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="42%">&nbsp; &nbsp;<FONT face=sans-serif size=1>$(0.1) YTD (2005; quarter - $0.1; YTD - $0.1)</FONT>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=1>&#150;</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>0.3</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>0.1</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>0.3</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="42%"><FONT face=sans-serif size=1>Net earnings from Forestry Systems,</FONT>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="9%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></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="5%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="42%">&nbsp; &nbsp;<FONT face=sans-serif size=1>Net of tax expense (recovery) of Nil for the quarter and</FONT>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="9%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></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="5%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="42%">&nbsp; &nbsp;<FONT face=sans-serif size=1>$0.1 YTD (2005; quarter - $(0.1); YTD - $(0.1))</FONT>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=1>&#150;</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>(0.2</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>0.2</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>(0.2</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="42%"><FONT face=sans-serif size=1>Net loss from long-term assets held for sale,</FONT>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="9%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></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="5%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="42%">&nbsp; &nbsp;<FONT face=sans-serif size=1>Net of tax recovery of Nil for the quarter and</FONT>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="9%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></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="5%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="42%">&nbsp; &nbsp;<FONT face=sans-serif size=1>$0.1 YTD (2005; - Nil)</FONT>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=1>&#150;</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>&#150;</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>(0.2</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>&#150;</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="93%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="42%"><FONT face=sans-serif size=1>Net earnings (loss) from discontinued operations</FONT>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=1>$ &#150;</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="7%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>0.1</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>$</FONT></B> </TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>(0.9</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=right width="4%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>(0.6</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="93%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="42%"><B><FONT face=sans-serif size=4>NOTE 5 INTEREST EXPENSE, NET</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="9%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></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="5%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="42%"><FONT face=sans-serif size=2>Details of interest expense (income) are as follows:</FONT>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="9%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></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="5%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="42%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="22%" colSpan=4><B><FONT face=sans-serif size=1>Three months ended</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=right width="16%" colSpan=4><B><FONT face=sans-serif size=1>Nine months ended</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="42%"><I><FONT face=sans-serif size=1>(Unaudited)</FONT></I>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="9%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="11%" colSpan=2><B><FONT face=sans-serif size=1>December 31</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="5%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="9%" colSpan=2><B><FONT face=sans-serif size=1>December 31</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="42%"><I><FONT face=sans-serif size=1>(amounts in millions)</FONT></I>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=1>2006</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>2005</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>2006</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>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="42%"><FONT face=sans-serif size=1>Long-term debt interest expense</FONT>&nbsp; </TD>
     <TD align=right width="2%"><B><FONT face=sans-serif size=1>$</FONT></B> </TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=1>4.7</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="7%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>7.6</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>$</FONT></B> </TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>13.1</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>17.9</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="42%"><FONT face=sans-serif size=1>Amortization of deferred financing costs and other</FONT>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=1>0.6</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="7%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>0.5</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>1.7</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>3.3</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="42%"><FONT face=sans-serif size=1>Interest capitalized</FONT>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=1>(1.1</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=right width="7%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>(0.8</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>(3.3</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>(2.6</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="93%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="42%"><FONT face=sans-serif size=1>Interest on long-term debt</FONT>&nbsp; </TD>
     <TD align=right width="2%"><B><FONT face=sans-serif size=1>$</FONT></B> </TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=1>4.2</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="7%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>7.3</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>$</FONT></B> </TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>11.5</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>18.6</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="93%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="42%"><FONT face=sans-serif size=1>Interest income</FONT>&nbsp; </TD>
     <TD align=right width="2%"><B><FONT face=sans-serif size=1>$</FONT></B> </TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=1>(0.9</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=right width="7%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>(1.4</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>$</FONT></B> </TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>(4.0</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=right width="4%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>(3.1</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="42%"><FONT face=sans-serif size=1>Other interest expense (income), net</FONT>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=1>(0.4</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=right width="7%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>0.2</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>(0.4</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>(0.2</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="93%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="42%"><FONT face=sans-serif size=1>Other interest income, net</FONT>&nbsp; </TD>
     <TD align=right width="2%"><B><FONT face=sans-serif size=1>$</FONT></B> </TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=1>(1.3</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=right width="7%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>(1.2</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>$</FONT></B> </TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>(4.4</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=right width="4%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>(3.3</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="93%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="42%"><FONT face=sans-serif size=1>Interest expense, net</FONT>&nbsp; </TD>
     <TD align=right width="2%"><B><FONT face=sans-serif size=1>$</FONT></B> </TD>
     <TD align=right width="9%"><B><FONT face=sans-serif size=1>2.9</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="7%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>6.1</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>$</FONT></B> </TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>7.1</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>15.3</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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>The Company&#146;s year-to-date interest income is a result of interest revenue due to the accretion of discounts on the long-term notes receivable settled, in full, during the second quarter of fiscal 2007 and to advances to CVS Leasing Ltd. (CVS). CVS is an entity that owns simulators and other equipment used to train UK Ministry of Defence pilots at the Company&#146;s Benson Air Force Base training centre. The Company owns a minority shareholding of 14% in CVS.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>3 6 __ C A E 2 0 0 7 Q 3 R E P O R T</FONT></B></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_39"></A>
<P align=right><B><FONT face=sans-serif size=1>N O T E S T O C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD align=left width="46%"><B><FONT face=sans-serif size=4>NOTE 6 CAPITAL STOCK</FONT></B>&nbsp; </TD>
     <TD align=left width="15%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="8%">&nbsp; </TD>
     <TD align=left width="12%">&nbsp; </TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="46%">&nbsp; </TD>
     <TD align=right width="27%" colSpan=3><B><FONT face=sans-serif size=1>Nine months ended</FONT></B>&nbsp; </TD>
     <TD align=right width="24%" colSpan=3><FONT face=sans-serif size=1>Twelve months ended</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="46%">&nbsp; </TD>
     <TD align=right width="27%" colSpan=3><B><FONT face=sans-serif size=1>December 31, 2006</FONT></B>&nbsp; </TD>
     <TD align=left width="12%">&nbsp; </TD>
     <TD align=right width="12%" colSpan=2><FONT face=sans-serif size=1>March 31, 2006</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="46%"><I><FONT face=sans-serif size=1>(Unaudited)</FONT></I>&nbsp; </TD>
     <TD align=right width="15%"><B><FONT face=sans-serif size=1>Number</FONT></B>&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=1>Stated</FONT></B>&nbsp; </TD>
     <TD align=right width="12%"><FONT face=sans-serif size=1>Number</FONT>&nbsp; </TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>Stated</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="46%"><I><FONT face=sans-serif size=1>(amounts in millions, except number of shares)</FONT></I>&nbsp; </TD>
     <TD align=right width="15%"><B><FONT face=sans-serif size=1>of shares</FONT></B>&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=1>Value</FONT></B>&nbsp; </TD>
     <TD align=right width="12%"><FONT face=sans-serif size=1>of shares</FONT>&nbsp; </TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="46%"><FONT face=sans-serif size=1>Balance at beginning of period</FONT>&nbsp; </TD>
     <TD align=right width="15%"><B><FONT face=sans-serif size=1>250,702,430</FONT></B>&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=1>389.0</FONT></B>&nbsp; </TD>
     <TD align=right width="12%"><FONT face=sans-serif size=1>248,070,329</FONT>&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>373.8</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="46%"><FONT face=sans-serif size=1>Shares issued (a)</FONT>&nbsp; </TD>
     <TD align=right width="15%"><B><FONT face=sans-serif size=1>-</FONT></B>&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=1>-</FONT></B>&nbsp; </TD>
     <TD align=right width="12%"><FONT face=sans-serif size=1>1,091,564</FONT>&nbsp; </TD>
     <TD align=right width="6%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>6.9</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="46%"><FONT face=sans-serif size=1>Stock options exercised</FONT>&nbsp; </TD>
     <TD align=right width="15%"><B><FONT face=sans-serif size=1>624,270</FONT></B>&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=1>3.6</FONT></B>&nbsp; </TD>
     <TD align=right width="12%"><FONT face=sans-serif size=1>1,497,540</FONT>&nbsp; </TD>
     <TD align=right width="6%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>8.0</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="46%"><FONT face=sans-serif size=1>Transfer of contributed surplus upon exercise of stock options</FONT>&nbsp; </TD>
     <TD align=right width="15%"><B><FONT face=sans-serif size=1>-</FONT></B>&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=1>2.2</FONT></B>&nbsp; </TD>
     <TD align=right width="12%"><FONT face=sans-serif size=1>-</FONT>&nbsp; </TD>
     <TD align=right width="6%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>-</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="46%"><FONT face=sans-serif size=1>Stock dividends</FONT>&nbsp; </TD>
     <TD align=right width="15%"><B><FONT face=sans-serif size=1>16,310</FONT></B>&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=1>0.2</FONT></B>&nbsp; </TD>
     <TD align=right width="12%"><FONT face=sans-serif size=1>42,997</FONT>&nbsp; </TD>
     <TD align=right width="6%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>0.3</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="46%"><FONT face=sans-serif size=1>Balance at end of period</FONT>&nbsp; </TD>
     <TD align=right width="15%"><B><FONT face=sans-serif size=1>251,343,010</FONT></B>&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=1>395.0</FONT></B>&nbsp; </TD>
     <TD align=right width="12%"><FONT face=sans-serif size=1>250,702,430</FONT>&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>389.0</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR>
     <TD vAlign=top noWrap><FONT face=sans-serif size=1>(a)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif size=1>On May 20, 2005, the Company issued 1,000,000 common shares at a price of $6.13 per share for the acquisition of Terrain Experts, Inc.</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD>&nbsp;</TD>
     <TD width="100%"><FONT face=sans-serif size=1>On November 30, 2005, the Company issued 91,564 common shares at a price of $8.07 per share for the second payment of the original purchase price, already accounted for in the purchase price allocation of Greenley &amp; Associates Inc.</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR></TABLE>
<P align=left><B><FONT face=sans-serif size=4>NOTE 7 GOVERNMENT COST SHARING</FONT></B></P>
<P align=left><B><FONT face=sans-serif size=2>PROJECT PHOENIX</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>During fiscal 2006, the Company announced a plan to invest $630 million in Project Phoenix, an R&amp;D program that will span the next six years. In the same year, the Government of Canada and the Company signed an agreement for a contribution of approximately 30% ($189 million) of the value of CAE's R&amp;D program. The Government of Canada support will reduce by approximately 25% the amount of income tax credit otherwise available. This agreement is included in the Technology Partnerships Canada (TPC) program created by Industry Canada to invest strategically in research and development, to encourage private sector investment, and to increase technological capabilities in the Canadian industry. The contribution will be repayable, based on consolidated revenues, starting in fiscal 2012 and ending in fiscal 2030, or earlier, should a predetermined royalty level, which exceeds the amount of maximum contributions, be reached.</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>During the second quarter of fiscal 2007, the Company signed an agreement with the Government of Qu&#233;bec, which will participate in Project Phoenix. The Qu&#233;bec government&#146;s support will take the form of a $31.5 million contribution over six years, repayable by royalties. Investissement Qu&#233;bec handles the contribution. The contribution will be repayable, based on consolidated revenues, starting in fiscal 2012 and ending in fiscal 2030, or earlier should a predetermined royalty level, which exceeds the amount of maximum contributions, be reached. The government contribution recognized by the Company in its second quarter of fiscal 2007, related to this agreement signed with the Government, is based on costs incurred starting in June 2005.</FONT></P>
<P align=right><B><FONT face=sans-serif size=1>C A E 2 0 0 7 Q 3 R E P O R T __ 3 7</FONT></B></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_40"></A>
<P align=left><B><FONT face=sans-serif size=1>N O T E S T O C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S</FONT></B></P>
<P align=left><B><FONT face=sans-serif size=4>NOTE 7 GOVERNMENT COST SHARING (CONT&#146;D)</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>The following tables provide information regarding contributions recognized and amounts not yet received for the aggregate project, which was only applicable and accounted for starting the third quarter of fiscal 2006:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD align=left width="37%"><I><FONT face=sans-serif size=1>(Unaudited)</FONT></I>&nbsp; </TD>
     <TD align=left width="12%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>Three months ended</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="10%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>Nine months ended</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="10%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>Twelve months ended</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="37%"><I><FONT face=sans-serif size=1>(amounts in millions)</FONT></I>&nbsp; </TD>
     <TD align=left width="12%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>December 31, 2006</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="10%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>December 31, 2006</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="10%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>March 31, 2006</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="94%" colSpan=10>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="37%"><FONT face=sans-serif size=1>Outstanding contribution receivable,</FONT>&nbsp; </TD>
     <TD align=left width="12%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="10%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="10%">&nbsp; </TD>
     <TD align=left width="5%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="37%">&nbsp; &nbsp;<FONT face=sans-serif size=1>beginning of period</FONT>&nbsp; </TD>
     <TD align=right width="12%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>20.0</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>10.0</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>&#150;</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="37%"><FONT face=sans-serif size=1>Contributions</FONT>&nbsp; </TD>
     <TD align=right width="12%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="10%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="10%">&nbsp; </TD>
     <TD align=left width="5%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="37%">&nbsp; &nbsp;<FONT face=sans-serif size=1>Amount credited to income</FONT>&nbsp; </TD>
     <TD align=right width="12%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>14.2</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="10%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>33.9</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="10%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>13.5</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="37%">&nbsp; &nbsp;<FONT face=sans-serif size=1>Amount credited to capitalized costs</FONT>&nbsp; </TD>
     <TD align=right width="12%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>1.5</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="10%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>5.2</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="10%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>3.8</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="37%"><FONT face=sans-serif size=1>Payments received</FONT>&nbsp; </TD>
     <TD align=right width="12%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>(19.0</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=right width="10%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>(32.4</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=right width="10%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>(7.3</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="94%" colSpan=10>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="37%"><FONT face=sans-serif size=1>Outstanding contribution receivable, end of period</FONT>&nbsp; </TD>
     <TD align=right width="12%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>16.7</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>16.7</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>10.0</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="94%" colSpan=10>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>There were no royalty expenditures for this program in the third quarter of fiscal 2007 and for the nine months ended December 31, 2006 (nil &#150; for the three and nine months ended December 31, 2005).</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>PREVIOUS PROGRAMS</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>The Company had also signed previous R&amp;D agreements with the Government of Canada, in order to share in a portion of specific costs incurred by the Company on previous R&amp;D programs. The initiative was intended to broaden the Company's technological capabilities in flight simulation systems, by developing components that will lower the cost and weight of flight simulators and technologies to reduce the cost of initial training. These programs are repayable in the form of royalties to March 2011 and March 2013, based on future sales for civil and military programs respectively.</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>With regards to the previous programs, there were no amounts of contributions recognized in the third quarter of fiscal 2007 and for the nine months ended December 31, 2006. With regards to the three months ended December 31, 2005, the aggregate amount of contributions recognized amounted to $1.9 million, which was entirely recorded as a reduction of costs. In addition, for the nine months ended December 31, 2005, the aggregate amount of contributions recognized amounted to $7.5 million, which was entirely recorded as a reduction of costs. </FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>Of the $7.5 million contributions recognized during fiscal 2006, $1.2 million was receivable as at March 31, 2006.</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>In the third quarter of fiscal 2007, royalty expenditures in the amount of $2.0 million (three months ended December 31, 2005 &#150; $2.2 million) were incurred for the previous programs. For the nine months ended December 31, 2006, royalty expenditures in the amount of $5.5 million were incurred ($5.2 million &#150; for the nine months ended December 31, 2005) for the previous programs.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>AGGREGATE INFORMATION ABOUT PROGRAMS</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>As at December 31, 2006, the Company had a liability of $19.5 million (March 31, 2006 &#150; $18.9 million) related to future repayments in respect of the aggregate R&amp;D programs. </FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>With regards to the three months ended December 31, 2006, the amounts of R&amp;D expenditures aggregated to $24.3 million ($22.1 million &#150; three months ended December 31, 2005), of which $0.1 million represented development costs that qualified for a deferral pursuant to CICA requirements ($0.4 million &#150;three months ended December 31, 2005). For the nine months ended December 31, 2006, the amounts of R&amp;D expenditures aggregated to $65.1 million ($56.6 million &#150; nine months ended December 31, 2005), $0.3 million of which represented development costs that qualified for a deferral pursuant to CICA requirements ($0.4 million &#150; nine months ended December 31, 2005). </FONT></P>
<P align=left><B><FONT face=sans-serif size=1>3 8 __ C A E 2 0 0 7 Q 3 R E P O R T</FONT></B></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_41"></A>
<P align=right><B><FONT face=sans-serif size=1>N O T E S T O C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S</FONT></B></P>
<P align=left><B><FONT face=sans-serif size=4>NOTE 8 EMPLOYEE FUTURE BENEFITS</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>The total benefit cost in the registered plans for the periods ended December 31 includes the following components:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD align=left width="38%">&nbsp; </TD>
     <TD align=left width="8%">&nbsp; </TD>
     <TD align=right width="19%" colSpan=4><B><FONT face=sans-serif size=1>Three months ended</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=right width="17%" colSpan=4><B><FONT face=sans-serif size=1>Nine months ended</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="38%"><I><FONT face=sans-serif size=1>(Unaudited)</FONT></I>&nbsp; </TD>
     <TD align=left width="8%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="11%" colSpan=2><B><FONT face=sans-serif size=1>December 31</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="9%" colSpan=2><B><FONT face=sans-serif size=1>December 31</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="38%"><I><FONT face=sans-serif size=1>(amounts in millions)</FONT></I>&nbsp; </TD>
     <TD align=left width="8%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>2006</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>2005</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>2006</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>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="38%"><FONT face=sans-serif size=1>Current service cost</FONT>&nbsp; </TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>2.1</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="6%">&nbsp; <FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>1.3</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>$</FONT></B> </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>6.2</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>3.9</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="38%"><FONT face=sans-serif size=1>Interest cost on projected pension obligations</FONT>&nbsp; </TD>
     <TD align=left width="8%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>2.8</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="6%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>2.6</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>8.4</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>7.9</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="38%"><FONT face=sans-serif size=1>Expected return on plan assets</FONT>&nbsp; </TD>
     <TD align=left width="8%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>(2.8</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=right width="6%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>(2.1</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>(8.2</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>(6.3</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="38%"><FONT face=sans-serif size=1>Amortization of net actuarial loss</FONT>&nbsp; </TD>
     <TD align=left width="8%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>0.6</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="6%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>0.5</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>1.6</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>1.5</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="38%"><FONT face=sans-serif size=1>Amortization of past service costs</FONT>&nbsp; </TD>
     <TD align=left width="8%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>0.1</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="6%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>0.1</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>0.4</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>0.3</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="38%"><FONT face=sans-serif size=1>Net pension expense</FONT>&nbsp; </TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>2.8</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="6%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>2.4</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>$</FONT></B> </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>8.4</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>7.3</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="46%" colSpan=2><B><FONT face=sans-serif size=4>NOTE 9 SUPPLEMENTARY INFORMATION</FONT></B>&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=left width="5%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="5%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="38%">&nbsp; </TD>
     <TD align=left width="8%">&nbsp; </TD>
     <TD align=right width="19%" colSpan=4><B><FONT face=sans-serif size=1>Three months ended</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=right width="17%" colSpan=4><B><FONT face=sans-serif size=1>Nine months ended</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="38%"><I><FONT face=sans-serif size=1>(Unaudited)</FONT></I>&nbsp; </TD>
     <TD align=left width="8%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="11%" colSpan=2><B><FONT face=sans-serif size=1>December 31</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="9%" colSpan=2><B><FONT face=sans-serif size=1>December 31</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="38%"><I><FONT face=sans-serif size=1>(amounts in millions)</FONT></I>&nbsp; </TD>
     <TD align=left width="8%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>2006</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>2005</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>2006</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>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="38%"><FONT face=sans-serif size=1>Cash provided by (used in) non-cash working capital:</FONT>&nbsp; </TD>
     <TD align=left width="8%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=left width="5%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="5%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="38%"><FONT face=sans-serif size=1>Accounts receivable</FONT>&nbsp; </TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>0.4</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="6%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>8.1</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>$</FONT></B> </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>(60.6</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=right width="4%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>(4.7</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="38%"><FONT face=sans-serif size=1>Inventories</FONT>&nbsp; </TD>
     <TD align=left width="8%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>10.5</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="6%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>5.4</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>13.6</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>(20.7</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="38%"><FONT face=sans-serif size=1>Prepaid expenses</FONT>&nbsp; </TD>
     <TD align=left width="8%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>3.1</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="6%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>8.5</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>1.1</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>5.3</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="38%"><FONT face=sans-serif size=1>Income taxes recoverable</FONT>&nbsp; </TD>
     <TD align=left width="8%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>5.2</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="6%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>6.2</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>&#150;</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>(4.0</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="38%"><FONT face=sans-serif size=1>Accounts payable and accrued liabilities</FONT>&nbsp; </TD>
     <TD align=left width="8%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>7.7</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="6%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>20.4</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>6.2</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>21.8</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="38%"><FONT face=sans-serif size=1>Deposits on contracts</FONT>&nbsp; </TD>
     <TD align=left width="8%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>(8.0</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=right width="6%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>7.3</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>15.5</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>57.4</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="38%"><FONT face=sans-serif size=1>Changes in non-cash working capital</FONT>&nbsp; </TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>18.9</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="6%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>55.9</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>$</FONT> </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>(24.2</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=right width="4%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>55.1</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="38%"><FONT face=sans-serif size=1>Supplemental cash flow disclosure:</FONT>&nbsp; </TD>
     <TD align=left width="8%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="6%">&nbsp; </TD>
     <TD align=left width="5%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=left width="5%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="38%"><FONT face=sans-serif size=1>Interest paid</FONT>&nbsp; </TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>8.4</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="6%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>4.5</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>$</FONT> </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>14.8</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>17.7</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="38%"><FONT face=sans-serif size=1>Income taxes paid, net</FONT>&nbsp; </TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>(4.4</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=right width="6%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>4.3</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>$</FONT> </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>2.3</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>9.5</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="38%"><FONT face=sans-serif size=1>Supplemental statements of earnings disclosure:</FONT>&nbsp; </TD>
     <TD align=left width="8%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="6%">&nbsp; </TD>
     <TD align=left width="5%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=left width="5%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="38%"><FONT face=sans-serif size=1>Foreign exchange gain</FONT>&nbsp; </TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>(1.5</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=right width="6%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>(0.2</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>$</FONT> </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>(3.5</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=right width="4%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>(8.1</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="93%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=2>BUSINESS ACQUISITION</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>For the nine months ended December 31, 2005, the net cash inflows of $2.6 million regarding business acquisitions, as reported in the Consolidated Statements of Cash Flows, are composed of the total cash consideration paid by the Company related to the acquisition of Terrain Experts Inc. (TERREX), during the first quarter of fiscal 2006, net of TERREX&#146;s cash position at acquisition.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>PROCEEDS FROM DISPOSAL OF DISCONTINUED OPERATIONS</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>For the nine months ended December 31, 2006, the net cash outflows regarding the proceeds from disposal of discontinued operations as reported in the Consolidated Statements of Cash Flows, are composed of a cash payment to L-3 in the amount of $10.2 million for the net working capital adjustment of the Marine Controls segment, offset, in part, by a cash receipt of $3.6 million from the sale of a portion of the aggregate land and building, which was previously classified as being held for sale.</FONT></P>
<P align=right><B><FONT face=sans-serif size=1>C A E 2 0 0 7 Q 3 R E P O R T __ 3 9</FONT></B></P>
<HR align=center width="100%" noShade SIZE=2>

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<P align=left><B><FONT face=sans-serif size=1>N O T E S T O C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S</FONT></B></P>
<P align=left><B><FONT face=sans-serif size=4>NOTE 10 RESTRUCTURING CHARGE</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>During the fourth quarter of 2005, following a comprehensive review of current performance and the strategic orientation of its operations, the Company announced a broad Restructuring Plan aimed at the elimination of existing duplications between the Civil and Military segments and the achievement of a more competitive cost structure. The plan, which included a workforce reduction of approximately 450 employees and the closing of redundant facilities, has a significant effect on the Company's operations in Montreal and around the world, including some European and US training centres. Since fiscal 2005, cumulative restructuring charges of $46.1 million, consisting mainly of employee termination costs and other related costs, and including additional expenses of $2.3 million incurred during the third quarter of fiscal 2007, have been recorded in the Company&#146;s results. </FONT></P>
<P align=left><FONT face=sans-serif size=2>The summary of the provision is as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD align=left width="43%">&nbsp; </TD>
     <TD align=left width="18%"></TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>Employee</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="6%">&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="5%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="43%"><I><FONT face=sans-serif size=1>(Unaudited)</FONT></I>&nbsp; </TD>
     <TD align=left width="18%"></TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>Termination</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="6%">&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="5%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="43%"><I><FONT face=sans-serif size=1>(amounts in millions)</FONT></I>&nbsp; </TD>
     <TD align=left width="18%"></TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>Costs</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="11%" colSpan=2><FONT face=sans-serif size=1>Other Costs</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>Total</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="94%" colSpan=10>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="43%"><FONT face=sans-serif size=1>Balance of provision as at March 31, 2006</FONT>&nbsp; </TD>
     <TD align=right width="18%"><FONT face=sans-serif size=1>$</FONT> </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>12.0</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>0.6</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>12.6</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="43%"><FONT face=sans-serif size=1>Costs charged to expenses</FONT>&nbsp; </TD>
     <TD align=left width="18%"></TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>(0.2</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD>
     <TD align=right width="6%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>2.9</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>2.7</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="43%"><FONT face=sans-serif size=1>Payments made</FONT>&nbsp; </TD>
     <TD align=left width="18%"></TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>(6.0</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD>
     <TD align=right width="6%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>(3.0</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>(9.0</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="43%"><FONT face=sans-serif size=1>Foreign exchange</FONT>&nbsp; </TD>
     <TD align=left width="18%"></TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>0.4</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="6%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>&#150;</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>0.4</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="94%" colSpan=10>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="43%"><B><FONT face=sans-serif size=1>Balance of provision as at December 31, 2006</FONT></B>&nbsp; </TD>
     <TD align=right width="18%"><B><FONT face=sans-serif size=1>$</FONT></B> </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>6.2</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>0.5</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>6.7</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="94%" colSpan=10>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="76%" colSpan=5><B><FONT face=sans-serif size=4>NOTE 11 OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION</FONT></B>&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="5%"></TD>
     <TD align=left width="2%">&nbsp; </TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=2>RESULTS BY SEGMENT</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>The profitability measure employed by the Company for making decisions about allocating resources to segments and assessing segment performance is earnings before other income (expense) net, interest, income taxes and discontinued operations (hereinafter referred to as Segment Operating Income). The Simulation Products/Civil and the Simulation Products/Military segments operate under an integrated organization sharing substantially all engineering, development, global procurement, program management and manufacturing functions. The accounting principles used to prepare the information by operating segment are the same as those used to prepare the Company&#146;s consolidated financial statements. Transactions between operating segments are mainly simulator transfers from the Simulation Products/Civil segment to the Training &amp; Services/Civil segment which are recorded at cost. The method used for the allocation of assets jointly used by operating segments and cost
s and liabilities jointly incurred (mostly corporate costs) between operating segments is based on level of utilization when determinable and measurable, otherwise the allocation is made based on a proportion of each segment&#146;s cost of sales.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>4 0 __ C A E 2 0 0 7 Q 3 R E P O R T</FONT></B></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_43"></A>
<P align=right><B><FONT face=sans-serif size=1>N O T E S T O C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S</FONT></B></P>
<P align=left><B><FONT face=sans-serif size=4>NOTE 11 OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION (CONT&#146;D)</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD align=left width="28%"><I><FONT face=sans-serif size=1>(Unaudited)</FONT></I>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="28%"><I><FONT face=sans-serif size=1>Three months ended December 31</FONT></I>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="28%"><I><FONT face=sans-serif size=1>(amounts in millions)</FONT></I>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="19%" colSpan=4><FONT face=sans-serif size=1>Simulation Products</FONT>&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="13%" colSpan=4><FONT face=sans-serif size=1>Training &amp; Services</FONT>&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>Total</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=16>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="28%">&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>2006</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>2005</FONT>&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>2006</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>2005</FONT>&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>2006</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>2005</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=16>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="28%">&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="11%" colSpan=2><FONT face=sans-serif size=1>(Restated)</FONT>&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="10%" colSpan=3><FONT face=sans-serif size=1>(Restated)</FONT>&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>(Restated)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="28%">&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="11%" colSpan=2><FONT face=sans-serif size=1>(Note 1)</FONT>&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="6%" colSpan=2><FONT face=sans-serif size=1>(Note 1)</FONT>&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>(Note 1)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="28%"><B><FONT face=sans-serif size=1>Civil</FONT></B>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="28%"><FONT face=sans-serif size=1>External revenue</FONT>&nbsp; </TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=1>$</FONT></B> </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>92.1</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="5%">&nbsp; <FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>63.0</FONT>&nbsp; </TD>
     <TD align=right width="5%">&nbsp;<B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>83.1</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="2%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>78.0</FONT>&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>$</FONT></B> </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>175.2</FONT></B>&nbsp; </TD>
     <TD align=right width="2%"><FONT face=sans-serif size=1>$</FONT> </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>141.0</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="28%"><FONT face=sans-serif size=1>Segment Operating Income</FONT>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>15.5</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>10.3</FONT>&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>13.5</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>14.1</FONT>&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>29.0</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>24.4</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="28%"><FONT face=sans-serif size=1>Depreciation and amortization</FONT>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="28%"><FONT face=sans-serif size=1>&#149; Property, plant and equipment</FONT>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>1.5</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>1.4</FONT>&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>10.1</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>9.9</FONT>&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>11.6</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>11.3</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="28%"><FONT face=sans-serif size=1>&#149; Intangible and other assets</FONT>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>0.8</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>0.3</FONT>&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>1.7</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>1.9</FONT>&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>2.5</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>2.2</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="28%"><FONT face=sans-serif size=1>Capital expenditures</FONT>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>0.9</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>2.0</FONT>&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>32.5</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>41.0</FONT>&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>33.4</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>43.0</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=16>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="28%"><B><FONT face=sans-serif size=1>Military</FONT></B>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="28%"><FONT face=sans-serif size=1>External revenue</FONT>&nbsp; </TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=1>$</FONT></B> </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>105.2</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="5%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>82.8</FONT>&nbsp; </TD>
     <TD align=right width="5%">&nbsp;<B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>50.8</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="2%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>52.8</FONT>&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>$</FONT></B> </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>156.0</FONT></B>&nbsp; </TD>
     <TD align=right width="2%"><FONT face=sans-serif size=1>$</FONT> </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>135.6</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="28%"><FONT face=sans-serif size=1>Segment Operating Income</FONT>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>11.2</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>6.2</FONT>&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>6.8</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>8.4</FONT>&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>18.0</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>14.6</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="28%"><FONT face=sans-serif size=1>Depreciation and amortization</FONT>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="28%"><FONT face=sans-serif size=1>&#149; Property, plant and equipment</FONT>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>1.6</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>1.5</FONT>&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>1.1</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>1.0</FONT>&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>2.7</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>2.5</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="28%"><FONT face=sans-serif size=1>&#149; Intangible and other assets</FONT>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>0.3</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>1.6</FONT>&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>0.6</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>0.6</FONT>&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>0.9</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>2.2</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="28%"><FONT face=sans-serif size=1>Capital expenditures</FONT>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>1.5</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>1.1</FONT>&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>7.8</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>1.5</FONT>&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>9.3</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>2.6</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=16>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="28%"><B><FONT face=sans-serif size=1>Total</FONT></B>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="28%"><FONT face=sans-serif size=1>External revenue</FONT>&nbsp; </TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=1>$</FONT></B> </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>197.3</FONT></B>&nbsp; </TD>
     <TD align=right width="2%">&nbsp;</TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="6%" background=""><FONT face=sans-serif size=1>145.8</FONT>&nbsp;</TD>
     <TD align=right width="5%">&nbsp;<B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>133.9</FONT></B>&nbsp; </TD>
     <TD align=right width="2%"><FONT face=sans-serif size=1>$</FONT> </TD>
     <TD align=right width="6%" colSpan=2><FONT face=sans-serif size=1>130.8</FONT>&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>$</FONT></B> </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>331.2</FONT></B>&nbsp; </TD>
     <TD align=right width="2%"><FONT face=sans-serif size=1>$</FONT> </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>276.6</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="28%"><FONT face=sans-serif size=1>Segment Operating Income</FONT>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>26.7</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>16.5</FONT>&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>20.3</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>22.5</FONT>&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>47.0</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>39.0</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="28%"><FONT face=sans-serif size=1>Depreciation and amortization</FONT>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="28%"><FONT face=sans-serif size=1>&#149; Property, plant and equipment</FONT>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>3.1</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>2.9</FONT>&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>11.2</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>10.9</FONT>&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>14.3</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>13.8</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="28%"><FONT face=sans-serif size=1>&#149; Intangible and other assets</FONT>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>1.1</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>1.9</FONT>&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>2.3</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>2.5</FONT>&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>3.4</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>4.4</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="28%"><FONT face=sans-serif size=1>Capital expenditures</FONT>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>2.4</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>3.1</FONT>&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>40.3</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>42.5</FONT>&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>42.7</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>45.6</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=16>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="28%"><I><FONT face=sans-serif size=1>(Unaudited)</FONT></I>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="28%"><I><FONT face=sans-serif size=1>Nine months ended December 31</FONT></I>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="28%"><I><FONT face=sans-serif size=1>(amounts in millions)</FONT></I>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="19%" colSpan=4><FONT face=sans-serif size=1>Simulation Products</FONT>&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="13%" colSpan=4><FONT face=sans-serif size=1>Training &amp; Services</FONT>&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>Total</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=16>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="28%">&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>2006</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>2005</FONT>&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>2006</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>2005</FONT>&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>2006</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>2005</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=16>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="28%">&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="19%" colSpan=4><FONT face=sans-serif size=1>(Restated) (Restated)</FONT>&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="13%" colSpan=4><FONT face=sans-serif size=1>(Restated) (Restated)</FONT>&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="16%" colSpan=3><FONT face=sans-serif size=1>(Restated) (Restated)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="28%">&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>(Note 1)</FONT>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="11%" colSpan=2><FONT face=sans-serif size=1>(Note 1)</FONT>&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>(Note 1)</FONT>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="6%" colSpan=2><FONT face=sans-serif size=1>(Note 1)</FONT>&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>(Note 1)</FONT>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>(Note 1)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="28%"><B><FONT face=sans-serif size=1>Civil</FONT></B>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="28%"><FONT face=sans-serif size=1>External revenue</FONT>&nbsp; </TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=1>$</FONT></B> </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>250.5</FONT></B>&nbsp; </TD>
     <TD align=right width="2%">&nbsp;</TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="6%" background=""><FONT face=sans-serif size=1>179.0</FONT>&nbsp;</TD>
     <TD align=right width="5%">&nbsp;<B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>245.2</FONT></B>&nbsp; </TD>
     <TD align=right width="2%"><FONT face=sans-serif size=1>$</FONT> </TD>
     <TD align=right width="6%" colSpan=2><FONT face=sans-serif size=1>241.2</FONT>&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>$</FONT></B> </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>495.7</FONT></B>&nbsp; </TD>
     <TD align=right width="2%"><FONT face=sans-serif size=1>$</FONT> </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>420.2</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="28%"><FONT face=sans-serif size=1>Segment Operating Income</FONT>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>45.1</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>20.6</FONT>&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>43.0</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>42.2</FONT>&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>88.1</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>62.8</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="28%"><FONT face=sans-serif size=1>Depreciation and amortization</FONT>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="28%"><FONT face=sans-serif size=1>&#149; Property, plant and equipment</FONT>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>4.2</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>4.1</FONT>&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>28.4</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>27.9</FONT>&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>32.6</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>32.0</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="28%"><FONT face=sans-serif size=1>&#149; Intangible and other assets</FONT>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>2.3</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>5.0</FONT>&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>4.7</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>4.7</FONT>&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>7.0</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>9.7</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="28%"><FONT face=sans-serif size=1>Capital expenditures</FONT>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>12.6</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>3.2</FONT>&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>80.4</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>66.2</FONT>&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>93.0</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>69.4</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=16>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="28%"><B><FONT face=sans-serif size=1>Military</FONT></B>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="28%"><FONT face=sans-serif size=1>External revenue</FONT>&nbsp; </TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=1>$</FONT></B> </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>265.3</FONT></B>&nbsp; </TD>
     <TD align=right width="2%">&nbsp;</TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="6%" background=""><FONT face=sans-serif size=1>249.9</FONT>&nbsp;</TD>
     <TD align=right width="5%">&nbsp;<B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>152.4</FONT></B>&nbsp; </TD>
     <TD align=right width="2%"><FONT face=sans-serif size=1>$</FONT> </TD>
     <TD align=right width="6%" colSpan=2><FONT face=sans-serif size=1>152.8</FONT>&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>$</FONT></B> </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>417.7</FONT></B>&nbsp; </TD>
     <TD align=right width="2%"><FONT face=sans-serif size=1>$</FONT> </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>402.7</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="28%"><FONT face=sans-serif size=1>Segment Operating Income</FONT>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>29.6</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>20.2</FONT>&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>27.6</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>15.5</FONT>&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>57.2</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>35.7</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="28%"><FONT face=sans-serif size=1>Depreciation and amortization</FONT>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="28%"><FONT face=sans-serif size=1>&#149; Property, plant and equipment</FONT>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>4.7</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>4.6</FONT>&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>3.1</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>3.2</FONT>&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>7.8</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>7.8</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="28%"><FONT face=sans-serif size=1>&#149; Intangible and other assets</FONT>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>1.7</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>3.3</FONT>&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>1.9</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>2.2</FONT>&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>3.6</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>5.5</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="28%"><FONT face=sans-serif size=1>Capital expenditures</FONT>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>3.7</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>3.0</FONT>&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>27.6</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>15.4</FONT>&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>31.3</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>18.4</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=16>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="28%"><B><FONT face=sans-serif size=1>Total</FONT></B>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="28%"><FONT face=sans-serif size=1>External revenue</FONT>&nbsp; </TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=1>$</FONT></B> </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>515.8</FONT></B>&nbsp; </TD>
     <TD align=right width="2%">&nbsp;</TD>
     <TD align=right width="5%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="6%" background=""><FONT face=sans-serif size=1>428.9</FONT>&nbsp;</TD>
     <TD align=right width="5%">&nbsp;<B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>397.6</FONT></B>&nbsp; </TD>
     <TD align=right width="2%"><FONT face=sans-serif size=1>$</FONT> </TD>
     <TD align=right width="6%" colSpan=2><FONT face=sans-serif size=1>394.0</FONT>&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>$</FONT></B> </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>913.4</FONT></B>&nbsp; </TD>
     <TD align=right width="2%"><FONT face=sans-serif size=1>$</FONT> </TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>822.9</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="28%"><FONT face=sans-serif size=1>Segment Operating Income</FONT>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>74.7</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>40.8</FONT>&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>70.6</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>57.7</FONT>&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>145.3</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>98.5</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="28%"><FONT face=sans-serif size=1>Depreciation and amortization</FONT>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="28%"><FONT face=sans-serif size=1>&#149; Property, plant and equipment</FONT>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>8.9</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>8.7</FONT>&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>31.5</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>31.1</FONT>&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>40.4</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>39.8</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="28%"><FONT face=sans-serif size=1>&#149; Intangible and other assets</FONT>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>4.0</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>8.3</FONT>&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>6.6</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>6.9</FONT>&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>10.6</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>15.2</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="28%"><FONT face=sans-serif size=1>Capital expenditures</FONT>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>16.3</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>6.2</FONT>&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="5%"><B><FONT face=sans-serif size=1>108.0</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>81.6</FONT>&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="6%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>124.3</FONT></B>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="7%"><FONT face=sans-serif size=1>87.8</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=16>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="28%">&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=right width="26%" colSpan=5><B><FONT face=sans-serif size=1>C A E</FONT></B>&nbsp; <B><FONT face=sans-serif size=1>2 0 0 7 Q 3 R E P O R T __ 4 1</FONT></B>&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_44"></A>
<P align=left><B><FONT face=sans-serif size=1>N O T E S T O C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S</FONT></B></P>
<P align=left><B><FONT face=sans-serif size=4>NOTE 11 OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION (CONT&#146;D)</FONT></B></P>
<P align=left><B><FONT face=sans-serif size=2>CONSOLIDATED EARNINGS BEFORE INTEREST AND INCOME TAXES</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>The following table provides reconciliation between total segment operating income and earnings before interest and income taxes:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD align=left width="39%">&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="20%" colSpan=4><B><FONT face=sans-serif size=1>Three months ended</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=right width="19%" colSpan=4><B><FONT face=sans-serif size=1>Nine months ended</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="39%"><I><FONT face=sans-serif size=1>(Unaudited)</FONT></I>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="11%" colSpan=2><B><FONT face=sans-serif size=1>December 31</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="8%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="9%" colSpan=2><B><FONT face=sans-serif size=1>December 31</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="39%"><I><FONT face=sans-serif size=1>(amounts in millions)</FONT></I>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>2006</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="3%">&nbsp; </TD>
     <TD align=right width="8%"><FONT face=sans-serif size=1>2005</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=1>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=1>2005</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="94%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="39%">&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="3%">&nbsp; </TD>
     <TD align=right width="8%"><FONT face=sans-serif size=1>(Restated)</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=right width="8%"><FONT face=sans-serif size=1>(Restated)</FONT> </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=1>(Restated)</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="39%">&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=left width="7%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="3%">&nbsp; </TD>
     <TD align=right width="8%"><FONT face=sans-serif size=1>(Note 1)</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=right width="8%"><FONT face=sans-serif size=1>(Note 1)</FONT> </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=1>(Note 1)</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="39%"><FONT face=sans-serif size=1>Total Segment Operating Income</FONT>&nbsp; </TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=1>$</FONT></B> </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>47.0</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="3%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="8%"><FONT face=sans-serif size=1>39.0</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=1>$</FONT></B> </TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=1>145.3</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="3%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>98.5</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="39%"><FONT face=sans-serif size=1>Foreign exchange (loss) gain on the reduction of</FONT>&nbsp; </TD>
     <TD align=left width="8%"></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="8%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=left width="8%"></TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right 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="39%">&nbsp; &nbsp;<FONT face=sans-serif size=1>the investment in certain self-sustaining subsidiaries (a)</FONT>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>&#150;</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="3%">&nbsp; </TD>
     <TD align=right width="8%"><FONT face=sans-serif size=1>(0.7</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=1>&#150;</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=1>5.3</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="39%"><FONT face=sans-serif size=1>Restructuring charge (Note 10)</FONT>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>(2.3</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=left width="3%">&nbsp; </TD>
     <TD align=right width="8%"><FONT face=sans-serif size=1>(2.6</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=1>(2.7</FONT></B> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD>
     <TD align=right width="3%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>(5.1</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="39%"><FONT face=sans-serif size=1>Other costs associated with the restructuring plan (b)</FONT>&nbsp; </TD>
     <TD align=left width="8%"></TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>(0.5</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=left width="3%">&nbsp; </TD>
     <TD align=right width="8%"><FONT face=sans-serif size=1>(3.4</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD>
     <TD align=left width="4%"></TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=1>(6.5</FONT></B> </TD>
     <TD align=left width="2%"><B><FONT face=sans-serif size=1>)</FONT></B>&nbsp; </TD>
     <TD align=right width="3%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>(3.8</FONT> </TD>
     <TD align=left width="2%"><FONT face=sans-serif size=1>)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="94%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="39%"><FONT face=sans-serif size=1>Earnings before interest and income taxes</FONT>&nbsp; </TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=1>$</FONT></B> </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>44.2</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=left width="3%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="8%"><FONT face=sans-serif size=1>32.3</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="4%"><FONT face=sans-serif size=1>$</FONT> </TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=1>136.1</FONT></B> </TD>
     <TD align=left width="2%">&nbsp; </TD>
     <TD align=right width="3%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>94.9</FONT> </TD>
     <TD align=left width="2%">&nbsp; </TD></TR>
<TR>
     <TD width="94%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR>
     <TD vAlign=top noWrap><FONT face=sans-serif size=1>(a)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif size=1>During the first quarter and third quarter of fiscal 2006, the Company reduced the capitalization of certain of its self-sustaining subsidiaries. Accordingly, the corresponding amount of foreign exchange accumulated in the cumulative translation adjustment account was transferred to the Consolidated Statements of Earnings.</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=sans-serif size=1>(b)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif size=1>Since the beginning of fiscal year 2006, the Company has also incurred costs related to its Restructuring Plan which are included in consolidated earnings according to GAAP. These costs are not included in the Segment Operating Income. A significant portion relates to the re-engineering of the Company&#146;s business processes from which a portion is associated with the deployment of the ERP system (excluding the portion capitalized). The Company also incurred costs related to the review of its strategy and other costs associated with its restructuring activities.</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR></TABLE>
<P align=left><B><FONT face=sans-serif size=2>ASSETS EMPLOYED BY SEGMENT</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>The Company uses assets employed to assess resources allocated to each segment. Assets employed includes accounts receivable, inventories, prepaid expenses, property, plant and equipment, goodwill, intangible assets and other assets. Assets employed exclude cash, income taxes accounts, assets held for sale and assets of certain non-operating subsidiaries.</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD align=left width="50%"><I><FONT face=sans-serif size=1>(Unaudited)</FONT></I>&nbsp; </TD>
     <TD align=left width="29%">&nbsp; </TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=1>As at December 31</FONT></B>&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>As at March 31</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="50%"><I><FONT face=sans-serif size=1>(amounts in millions)</FONT></I>&nbsp; </TD>
     <TD align=left width="29%">&nbsp; </TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=1>2006</FONT></B>&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="50%"><FONT face=sans-serif size=1>Simulation Products/Civil</FONT>&nbsp; </TD>
     <TD align=right width="29%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=1>190.2</FONT></B>&nbsp; </TD>
     <TD align=right width="5%">&nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>163.5</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="50%"><FONT face=sans-serif size=1>Simulation Products/Military</FONT>&nbsp; </TD>
     <TD align=left width="29%">&nbsp; </TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=1>237.7</FONT></B>&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>225.2</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="50%"><FONT face=sans-serif size=1>Training &amp; Services/Civil</FONT>&nbsp; </TD>
     <TD align=left width="29%">&nbsp; </TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=1>963.2</FONT></B>&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>833.8</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="50%"><FONT face=sans-serif size=1>Training &amp; Services/Military</FONT>&nbsp; </TD>
     <TD align=left width="29%">&nbsp; </TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=1>203.4</FONT></B>&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>166.7</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="50%"><B><FONT face=sans-serif size=1>Total assets employed</FONT></B>&nbsp; </TD>
     <TD align=right width="29%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=1>1,594.5</FONT></B>&nbsp; </TD>
     <TD align=right width="5%">&nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>1,389.2</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="50%"><FONT face=sans-serif size=1>Assets not included in assets employed</FONT>&nbsp; </TD>
     <TD align=right width="29%">&nbsp; </TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=1>325.0</FONT></B>&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>326.9</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="50%"><B><FONT face=sans-serif size=1>Total assets</FONT></B>&nbsp; </TD>
     <TD align=right width="29%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=1>1,919.5</FONT></B>&nbsp; </TD>
     <TD align=right width="5%">&nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>1,716.1</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=1>4 2 __ C A E 2 0 0 7 Q 3 R E P O R T</FONT></B></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_45"></A>
<P align=right><B><FONT face=sans-serif size=1>N O T E S T O C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S</FONT></B></P>
<P align=left><B><FONT face=sans-serif size=4>NOTE 11 OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION (CONT&#146;D)</FONT></B></P>
<P align=left><B><FONT face=sans-serif size=2>GEOGRAPHIC INFORMATION</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>The Company operates in 19 countries around the world. Sales are attributed to countries based on the location of customers.</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD align=left width="47%">&nbsp; </TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=right width="20%" colSpan=3><B><FONT face=sans-serif size=1>Three months ended</FONT></B>&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=right width="20%" colSpan=3><B><FONT face=sans-serif size=1>Nine months ended</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="47%"><I><FONT face=sans-serif size=1>(Unaudited)</FONT></I>&nbsp; </TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=right width="13%" colSpan=2><B><FONT face=sans-serif size=1>December 31</FONT></B>&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="8%">&nbsp; </TD>
     <TD align=right width="12%" colSpan=2><B><FONT face=sans-serif size=1>December 31</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="47%"><I><FONT face=sans-serif size=1>(amounts in millions)</FONT></I>&nbsp; </TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>2006</FONT></B>&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="8%"><FONT face=sans-serif size=1>2005</FONT>&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=1>2006</FONT></B>&nbsp; </TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>2005</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="47%"><FONT face=sans-serif size=1>Revenue from external customers</FONT>&nbsp; </TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="8%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="8%">&nbsp; </TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="47%">&nbsp; &nbsp;<FONT face=sans-serif size=1>Canada</FONT>&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>42.9</FONT></B>&nbsp; </TD>
     <TD align=right width="5%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="8%"><FONT face=sans-serif size=1>15.1</FONT>&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=1>103.0</FONT></B>&nbsp; </TD>
     <TD align=right width="6%">&nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>60.7</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="47%">&nbsp; &nbsp;<FONT face=sans-serif size=1>United States</FONT>&nbsp; </TD>
     <TD align=right width="6%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>100.1</FONT></B>&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=right width="8%"><FONT face=sans-serif size=1>92.6</FONT>&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=1>276.8</FONT></B>&nbsp; </TD>
     <TD align=right width="6%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>291.8</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="47%">&nbsp; &nbsp;<FONT face=sans-serif size=1>United Kingdom</FONT>&nbsp; </TD>
     <TD align=right width="6%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>29.5</FONT></B>&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=right width="8%"><FONT face=sans-serif size=1>20.2</FONT>&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=1>72.8</FONT></B>&nbsp; </TD>
     <TD align=right width="6%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>64.2</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="47%">&nbsp; &nbsp;<FONT face=sans-serif size=1>Germany</FONT>&nbsp; </TD>
     <TD align=right width="6%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>44.6</FONT></B>&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=right width="8%"><FONT face=sans-serif size=1>42.4</FONT>&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=1>119.4</FONT></B>&nbsp; </TD>
     <TD align=right width="6%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>115.0</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="47%">&nbsp; &nbsp;<FONT face=sans-serif size=1>Netherlands</FONT>&nbsp; </TD>
     <TD align=right width="6%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>19.8</FONT></B>&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=right width="8%"><FONT face=sans-serif size=1>26.5</FONT>&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=1>70.7</FONT></B>&nbsp; </TD>
     <TD align=right width="6%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>82.3</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="47%">&nbsp; &nbsp;<FONT face=sans-serif size=1>Other European countries</FONT>&nbsp; </TD>
     <TD align=right width="6%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>49.0</FONT></B>&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=right width="8%"><FONT face=sans-serif size=1>13.3</FONT>&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=1>92.9</FONT></B>&nbsp; </TD>
     <TD align=right width="6%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>40.3</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="47%">&nbsp; &nbsp;<FONT face=sans-serif size=1>Asia and Middle Eastern countries</FONT>&nbsp; </TD>
     <TD align=right width="6%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>22.7</FONT></B>&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=right width="8%"><FONT face=sans-serif size=1>51.6</FONT>&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=1>116.0</FONT></B>&nbsp; </TD>
     <TD align=right width="6%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>121.2</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="47%">&nbsp; &nbsp;<FONT face=sans-serif size=1>Other countries</FONT>&nbsp; </TD>
     <TD align=right width="6%">&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>22.6</FONT></B>&nbsp; </TD>
     <TD align=right width="5%">&nbsp; </TD>
     <TD align=right width="8%"><FONT face=sans-serif size=1>14.9</FONT>&nbsp; </TD>
     <TD align=right width="4%">&nbsp; </TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=1>61.8</FONT></B>&nbsp; </TD>
     <TD align=right width="6%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>47.4</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="47%">&nbsp; </TD>
     <TD align=right width="6%"><B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="7%"><B><FONT face=sans-serif size=1>331.2</FONT></B>&nbsp; </TD>
     <TD align=right width="5%">&nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="8%"><FONT face=sans-serif size=1>276.6</FONT>&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=1>913.4</FONT></B>&nbsp; </TD>
     <TD align=right width="6%">&nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>822.9</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="47%"><I><FONT face=sans-serif size=1>(Unaudited)</FONT></I>&nbsp; </TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=right width="20%" colSpan=3><B><FONT face=sans-serif size=1>As at December 31</FONT></B>&nbsp; </TD>
     <TD align=right width="12%" colSpan=2><FONT face=sans-serif size=1>As at March 31</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="47%"><I><FONT face=sans-serif size=1>(amounts in millions)</FONT></I>&nbsp; </TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="8%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=1>2006</FONT></B>&nbsp; </TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="47%"><FONT face=sans-serif size=1>Property, plant and equipment, goodwill and intangible assets</FONT>&nbsp; </TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="8%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=left width="8%">&nbsp; </TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="47%">&nbsp; &nbsp;<FONT face=sans-serif size=1>Canada</FONT>&nbsp; </TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="8%">&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=1>140.6</FONT></B>&nbsp; </TD>
     <TD align=right width="6%">&nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>250.6</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="47%">&nbsp; &nbsp;<FONT face=sans-serif size=1>United States</FONT>&nbsp; </TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="8%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=1>344.9</FONT></B>&nbsp; </TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>300.9</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="47%">&nbsp; &nbsp;<FONT face=sans-serif size=1>United Kingdom</FONT>&nbsp; </TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="8%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=1>136.7</FONT></B>&nbsp; </TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>77.3</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="47%">&nbsp; &nbsp;<FONT face=sans-serif size=1>Spain</FONT>&nbsp; </TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="8%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=1>90.2</FONT></B>&nbsp; </TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>84.2</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="47%">&nbsp; &nbsp;<FONT face=sans-serif size=1>Germany</FONT>&nbsp; </TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="8%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=1>53.4</FONT></B>&nbsp; </TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>30.1</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="47%">&nbsp; &nbsp;<FONT face=sans-serif size=1>Netherlands</FONT>&nbsp; </TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="8%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=1>137.5</FONT></B>&nbsp; </TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>113.1</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="47%">&nbsp; &nbsp;<FONT face=sans-serif size=1>Other European countries</FONT>&nbsp; </TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="8%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=1>63.9</FONT></B>&nbsp; </TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>66.2</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="47%">&nbsp; &nbsp;<FONT face=sans-serif size=1>Asia and Middle Eastern countries</FONT>&nbsp; </TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="8%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=1>115.5</FONT></B>&nbsp; </TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>24.3</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="47%">&nbsp; &nbsp;<FONT face=sans-serif size=1>Other countries</FONT>&nbsp; </TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="8%">&nbsp; </TD>
     <TD align=left width="4%">&nbsp; </TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=1>22.2</FONT></B>&nbsp; </TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>7.9</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left width="47%">&nbsp; </TD>
     <TD align=left width="6%">&nbsp; </TD>
     <TD align=left width="7%">&nbsp; </TD>
     <TD align=left width="5%">&nbsp; </TD>
     <TD align=left width="8%">&nbsp; </TD>
     <TD align=right width="4%"><B><FONT face=sans-serif size=1>$</FONT></B>&nbsp; </TD>
     <TD align=right width="8%"><B><FONT face=sans-serif size=1>1,104.9</FONT></B>&nbsp; </TD>
     <TD align=right width="6%">&nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD align=right width="6%"><FONT face=sans-serif size=1>954.6</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=right><B><FONT face=sans-serif size=1>C A E 2 0 0 7 Q 3 R E P O R T __ 4 3</FONT></B></P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
